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Celebrating 25 years of Fife’s credit unions

Kingdom Credit Union staff, from left Pauline Marsland, Kay Geddie, Linda Donaldson (manager) & Nadia Mohammed. Pic by Fife Photo Agency

Kingdom Credit Union staff, from left Pauline Marsland, Kay Geddie, Linda Donaldson (manager) & Nadia Mohammed. Pic by Fife Photo Agency

 

Credit Unions in Fife are celebrating their silver jubilee this year and they want local people to celebrate with them by getting involved.

The Kingdom’s Credit Unions are going from strength to strength, with membership up from 1000 to around 10,000 over the past 10 years. To ensure this continued success they need more support – from locals.

A credit union is a type of co-operative where members can save or borrow money. It’s run for and by members and anyone can join.

The first credit union was set up in Ballingry in 1989. Since then, four more community credit unions have opened allowing everyone who lives and works in Fife the opportunity to join.

Carol McLennan, chairman of the Kingdom Credit Union - which covers Fife as a whole - told the Gazette credit unions are a fast-growing addition to traditional banks and building societies, and offer a much safer and fairer way to borrow than doorstep/payday lenders.

The Kingdom Credit Union was set up 10 years ago and has offices in Methilhill and Glenrothes.

Carol said: “The Kingdom Credit Union has been a success because it offers low interest rates, compared with doorstep or payday lenders, and the money stays in the community - there are no fat cat bonuses. It is also covered by the Financial Services Compensation Scheme, so people know their money is safe.”

Councillor David Ross, Council leader, said: “Fife’s credit unions have been doing great work for over 25 years. They make a very real contribution to helping people manage their money.

“Building on the work done over the last 25 years I would like to see the credit union movement in Fife continue to prosper,” he added. “But to do that, they need your help. Whatever your age or experience you can get involved, manage your finances and help make a difference. ”

 

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