Why do GMB members choose us over other lenders? What’s in it for you when you save and borrow with us instead of high street lenders or online banks?
As part of our commitment to support financial wellbeing, we regularly ask our members why they chose GMB Credit Union, so we can continually refine our member offering.
Our latest blog explores how your Credit Union does things differently, which can benefit GMB members and our wider community.
Wise borrowing
When you apply for a personal loan with GMB Credit Union, you’ll discover how competitive our rates are compared to high street banks and other lenders.
We understand that personal loans can be the lifeline you need to tide you over, cover unexpected costs, or fund much-needed home or lifestyle improvements.
Of course, not everyone can secure their loan with savings in these difficult times. So, we are constantly reviewing our loan rates to make them affordable for members.
Borrowing £2,000 unsecured over a period of three years, the best representative interest rates on your loan would currently look like this:
| Loan provider | Representative APR % | Total repaid |
| GMBCU Member Loan | 7.5% | £2,239.62 |
| Novuna Personal Fin. | 9.8 % | £2,302.56 |
| AIB (NI) | 12.3% | £2,388.96 |
| Bank of Ireland | 13.4% | £2,413.54 |
(Comparison APRs were taken from moneysavingexpert.com in June 2022.)
If then, we compare with the traditional high street banks and building societies, the same unsecured £2,000 loan over three years would look as follows:
| Loan provider | Representative APR % | Total repaid |
| GMBCU Member Loan | 7.5% | £2,239.62 |
| Santander | 13.5% | £2,416.68 |
| Nationwide | 13.9% | £2,428.68 |
| Nat West | 27.9% | £2,857.32 |
| Halifax | 29.1 % | £2,893.68 |
Please be aware that the actual interest rate on a loan will always depend on individual circumstances at the time of application, so it is important that you maintain a good credit rating.
Market leading Easy Access savings
Did you know we offer a market leading annual dividend on all our easy access savings accounts?
In 2021, our members received a 1.0% annual dividend for Member saver accounts and 2.0% for Junior and Christmas saver accounts.
High street banks and building societies offer as little as 0.10% APR for easy access savings accounts.
So, if you had £10,000 in a Member easy access savings account with GMB Credit Union, your annual dividend in 2021 would have been £100.
Compare this with £10,000 in a typical bank easy access savings account, offering 0.10% APR, where your annual interest would be just £10.
Family-friendly
We know how important it is for you to provide for your family and teach your children how to manage their money.
At GMB Credit Union, we don’t see you as a number. Instead, we see you and your family as valuable members of our growing GMB community.
We support your family’s financial well-being through:
- Market leading savings accounts, including Junior Saver accounts to encourage good money habits
- Free resources and guidance to inspire healthy money management for households
- Family loans for members with lower credit scores which are repaid using child benefit, for extra security and ease
- Affordable lending – we won’t over burden you financially.
A community-based financial provider
Have you ever struggled to borrow money because your credit score isn’t great?
We understand how difficult and stressful this can feel.
Whatever your credit score, we’ll make a fair and responsible assessment of your current situation and only lend what we believe you can afford to repay.
GMB Credit Union is not motivated by profit and as we are solely owned by our members, you can always trust us to have your best financial interests at heart.
Accessible and available
If you’ve ever found it hard to speak to an actual human at your bank, you’ll love how fast and simple it is to message the Credit Union team about your finances and stay in control of your money.
GMBCU is our secure messaging app where you can:
- Check your balance
- Apply for loans
- Open savings accounts
- Request to withdraw funds
Download the GMBCU app now from the Apple store or Google Play.
Shelter from the financial storm
We are living through unprecedented times and members understand the need to make the most of their money.
We are committed to helping our community make better financial choices.
Don’t fall prey to risky short-term credit like payday loans, overdrafts, credit cards or buy now pay later schemes which make you feel anxious and out of control.
We offer free guidance, resources, and information to educate and empower you to take control of your finances and discover how it feels to live a life free from money worries.
Working towards a brighter financial future
If you’re tired of sky-high interest rates, rejected loan applications, unnecessary charges and automated messages in place of human contact, there’s another way to manage your finances.
Joining GMB Credit Union will set you on the path to a positive financial future, treat you like an individual and support you and your family to achieve financial wellbeing.
We are all in this together – join us today and discover a better way of managing your money: https://www.gmbcreditunion.com