Credit Unions

Credit Unions offer an ethical affordable way to access loans to help borrow wisely or start saving to be prepared for the future.

North East First Credit Union

If you live or work in Sunderland, or any other area of the North East, NEFirst is here to help you build a savings pot for what you want, and borrow sensibly, when you need to. NEFirst is a financial co-operative, offering simple savings, sensible loans and a wide range of services and benefits to support your financial needs. They provide financial inclusion for everyone and help develop resilience for a brighter and healthier future.

Their aim is to put their members in control of their own finances, promoting sound money management and offering a helping hand to access affordable finance.

Why join them? With the current rise in the cost of living, it has never been more important that families and individuals are supported to save wisely and borrow responsibly.

What do they offer?  New joiners can apply to borrow straight away. Sign up here. 

Savings - Save from as little as £1.00 per week

Adult, Junior and Corporate Accounts. Kickstart a habit of regular saving for what you want or for those unexpected expenses. Same day withdrawals/transfers via their mobile app.

Loans - A wide range of products available to suit your needs, starting from 0% APR, including:

Family Loans - Up to £500. Repayments through Child Benefit. Plus top up facility available. No credit check required, assessed on affordability. 

Regular Loans - Up to £15,000. Available for any purpose, including holidays, home improvements or a new car. They also offer loans to consolidate high interest creditor payments and overdraft charges, reducing repayments to an affordable and manageable amount. 

Payroll Loans - Available to members saving through an employer payroll savings scheme. Providing an easy payment method, through 'set and forget'.

Life Insurance (Free*) - Up to £10,000. In the event of death, member's savings balance doubled, outstanding loan balance cleared (*Subject to terms and conditions). 

Click here to find your nearest hub. 

Moneywise Credit Union

Residents in Sunderland can join Moneywise Credit Union now - there's no joining fee. If you work for Sunderland City Council, Sunderland Care and Support or Together for Children, you can join Moneywise credit union (opens new window)  through the employee partnership to access payroll deduction and start saving straight away.

Savings

Having a savings cushion really helps when something unexpected happens. You can save as little as £1 a week and access the savings at any time to withdraw. Moneywise has some helpful frequently asked questions at Moneywise FAQ's (opens new window) about saving with a Credit Union.

Loans

Moneywise have a whole host of  available but if you do need to borrow, whether that's short or long term, a Credit Union is an ethical way to access affordable credit. Moneywise has a handy calculator at Moneywise Loans (opens new window), to work out repayments and a range of different loan products available including their Family Loan.

The Family Loan product allows families or individuals in receipt of child benefit to have a loan of up to £750 from the Credit Union without having a credit check - conditional upon child benefit being paid directly from the DWP to the Credit Union.

Exclusive to Sunderland is Moneywise's debt consolidation loan that can combine any loans or credit you already have into one manageable repayment. The Moneywise debt consolidation loan pdf provides further information.

The Illegal Money Lending Team (IMLT) supports Credit Unions as a safe and secure place for people to save and borrow. Find out more on their website Stop loan sharks (opens new window).