Why Credit Unions Put People First
We do things a bit differently. As a financial cooperative, we don’t exist to make money for shareholders. Our goal is to help real people with their everyday finances. That’s what sets us apart from high-street banks. We’re here to serve, not to profit.
A credit union is a bit like a bank, but it’s owned by the people who use it. That means our members help shape what we do. When you save or borrow with us, any money we make goes back into offering better rates, improving our services, and supporting you. We’re a not-for-profit organisation that always puts our members first. Read more about Credit Unions and how they support people, not profits.
We’re here to help people, not to chase profits. Whether you’re looking to save regularly, borrow safely, or just feel more confident about your money, we’re here to support you.
We know money worries can be stressful, especially if you’ve been turned away by banks or lenders in the past. But with Transave, you’re not alone. We offer fair and affordable credit union loans and work with you to find what’s right for your situation. We treat every member with respect and fairness.
Everyone has a say in how we’re run. No matter how much money you have with us, you get the same vote as anyone else. That’s part of what makes credit unions feel more personal and trustworthy.
Most high-street banks aim to make profits for shareholders. That can mean high charges or decisions that don’t always put customers first. Credit unions like Transave are built around our members. We want to help you succeed, not make money from you.
We offer personal loans and instant loans that are made to be flexible and affordable. We explain everything clearly, so you can make decisions with confidence. There are no hidden surprises, just straightforward help when you need it.
Like any smaller organisation, we don’t have the same big budgets as major banks. That means we need to be smart about how we work and where we invest. Things like technology and regulation can be tough, but we’re always working to improve.
We’ve already built online tools to help our members manage their accounts, and our FAQs and money worries pages are full of useful advice. If you ever need to speak to someone, our team is only a message or call away. We’re real people, ready to help.
We’ve been doing this for years, and we’re proud of the trust we’ve built. At Transave, we keep things honest, clear, and simple. We listen to our members and always try to do what’s best for them.
If you’re unsure about joining a credit union or have questions about how it works, that’s okay. You’re not expected to know everything straight away. Our useful articles are there to help, and so are we.
A credit union is a member-owned financial cooperative that operates on a not-for-profit basis. Members save money regularly, which creates a pool of funds used to offer affordable loans to other members. Unlike banks, credit unions do not exist to generate profit for shareholders – instead, any surplus is reinvested into the service or returned to members as an annual dividend. This structure allows credit unions like Transave to offer fairer, more ethical financial products.
Yes, credit unions in the UK are fully regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), just like banks and building societies. Your savings are also protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). This means your money is safe even if the credit union were to fail.
Membership eligibility depends on what’s known as a ‘common bond’. This might include living or working in a particular area, working for a specific employer, or being part of an organisation such as a trade union. At Transave, we welcome members who work for one of our many partner employers. If you’re not sure whether you’re eligible, we can help check for you.
There are several benefits to joining a credit union. You’ll have access to fair and transparent financial products, including savings and affordable loans. As a not-for-profit organisation, any surplus is returned to members or used to improve services. You’ll also become part of a community that values financial wellbeing over profit, and you’ll know your money is being used to support other members, not external shareholders.
Applying for a loan with Transave is simple. Once you’re a member, you can apply online through our secure portal. The application process includes an affordability and credit check to ensure the loan is suitable for your financial situation. We aim to be as inclusive and flexible as possible while maintaining responsible lending standards.
While banks are commercial businesses owned by shareholders and focused on maximising profits, credit unions are owned by their members and run solely for their benefit. Credit unions often offer lower loan rates, fairer terms, and a more ethical, people-first approach to finance. At Transave, our goal is to support members’ financial wellbeing, not profit from it.
Yes, credit unions carry out credit checks when you apply for a loan, just like traditional lenders. However, credit unions may be more understanding of your circumstances and look beyond just your credit score. We consider your current financial situation and your ability to repay the loan, not just your credit past.
Yes, having a poor credit history doesn’t automatically prevent you from joining or borrowing from a credit union. We take a fair and supportive approach, and each loan application is assessed individually. Many members use Transave loans to rebuild their credit through manageable and affordable repayments.
Most loan applications are processed within 5 to 7 working days. In some cases, we may need more information, but we always aim to keep you informed throughout the process. Our team works efficiently to ensure decisions are made quickly and fairly.
Absolutely. Credit union loans are significantly cheaper and safer than payday loans, which often come with extremely high interest rates and hidden fees. Transave loans offer clear terms, fair interest rates, and no penalties for early repayment, making them a much more responsible choice.
Yes. Just like banks, credit union savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person. This protection ensures your money is safe, even in the unlikely event that the credit union closes down.
Yes. Just like banks, credit union savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person. This protection ensures your money is safe, even in the unlikely event that the credit union closes down.
Yes, Transave offers secure online access to your savings and loan accounts. You can view balances, make transfers, and manage your account through our website or mobile app, giving you 24/7 control over your finances.
Instead of fixed interest rates, credit unions usually pay members an annual dividend on their savings. This dividend is based on the credit union’s surplus profits and is agreed upon by members at the annual general meeting. While not guaranteed, dividends are often competitive with high street interest rates.
At Transave, you can borrow up to £25,000, depending on your circumstances, credit history, and ability to repay. We offer a variety of loan types and repayment terms to suit your needs, and we’ll work with you to find a solution that’s right for your budget.
You can save up to £85,000, which is the maximum amount covered by the FSCS in the UK. Regular saving with a credit union is a great way to build up a financial safety net, and you may also receive an annual dividend on your balance.
Yes, you can apply for multiple loans, subject to approval and affordability. We assess each loan application individually to ensure it’s manageable alongside your existing commitments. Our goal is to support your financial wellbeing without overextending your finances.
If a credit union were to close, your savings are protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). This means your money would be returned to you, giving you peace of mind that your finances are safe.
Your employer may be involved if you join through a payroll deduction scheme, but they are not part of the loan decision process. Transave partners with employers to make saving and repaying loans easier through salary deductions, but your financial information remains confidential.
It depends on your personal values and needs. If you prefer an ethical, community-focused financial provider that puts members first and offers fair, transparent products, a credit union like Transave could be the better choice. We focus on financial wellbeing rather than profit, which means you benefit directly.
Yes. Credit unions have a strong history of stability, even during recessions. They are regulated by the same authorities as banks and must meet strict financial standards. Plus, your savings are always protected by the FSCS up to £85,000.
Joining Transave isn’t just about borrowing or saving money. It’s about joining a group of people who look out for each other. If you’re ready to take control of your finances and want support from a team that cares, we’d love to welcome you.
