Clockwise Credit Union

General information

Clockwise is about joining together as a community to provide financial services to everyone no matter what their circumstances. How it works is very simple. Members deposit savings and we use those savings to lend to other members. We charge a competitive interest rate on these loans and any surplus we give back to our members as a dividend. So the members are the shareholders and they can be sure there are no fat cats profiting from their investments. Our members’ money is totally secure as we are regulated by the Financial Services Authority and are members of the financial services compensation scheme. And as if that wasn’t enough we provide free life insurance. You can’t say fairer than that.

Interest rates on our loans can be as low as 8.7% for home owners and we are able to offer loans to people on benefits at 26.8%. If you compare this with a door step lender or pay day loans you can be sure of huge savings even on the full 26.8% rate. By allowing those residents in Melton that are currently surviving on benefits or those turned down by main stream banks a suitable alternative to high interest loans, more money is available to be spent in the community allowing it to flourish. On top of this when housing associations get involved and encourage their residents to join Clockwise, there is often a marked reduction in evictions and rent arrears.