#Line of credit unity credit union plus

Just like an unsecured bank loan, credit union loans can be for virtually any purpose and would cover all the typical things that people normally borrow for, such as holidays, Christmas, household goods and so on. Subject to availability and the Rules and Regulations of the FCA and Prudential Regulatory authorities.

#Line of credit unity credit union plus

After a year you can apply for a loan up to 5 times the amount you have in savings but the maximum loan you can borrow is £5000 plus what you have saved, depending on your history with the credit union. In the first year you can apply up to 3 times the amount you have in savings. This allows new members to build up an early track record of regular savings, no matter how small. Members may apply for a loan when they have been saving for at least 13 weeks. Ultimately, RMT credit union belongs to the members and it is the member’s responsibility to see that the credit union’s affairs are being run with integrity at all times, therefore the AGM is the key mechanism for exercising the democratic principles which direct credit union activities. This acts as an important failsafe in terms of management of the accounts and the composition of this committee is independent from the Board of Directors. The Board is assisted in its duties by the Supervisory Committee which performs an internal audit function to ensure that all the systems, procedures and policies are at the same time in place, correct and being adhered to. The Board has the responsibility to ensure that all the credit union’s statutory, legal and moral obligations are being observed and, above all else, to ensure the integrity and security of members assets.

All members are entitled to stand for election to the Board. The credit union is managed by a voluntary Board of Directors, elected by members at the AGM. Who makes all the decisions about the Credit Union? In the case of the RMT Credit Union: this ‘Common Bond’ means being a member of the National Union of Rail, Maritime and Transport Workers Trade Union (or its successors). It is in reality nothing more than a group of persons united by a ‘Common Bond’. It operates much like a bank receiving deposits from, and making loans to its members.

RMT Credit Union - Your Questions AnsweredĪ Credit Union is a financial co-operative owned and controlled by its members.