Credit Unions are run for the community by the community. Each member makes regular payments into a savings account - this fund then provides the basis for preferential rate loans. The income generated by lending, helps the union meet the operating expenses, build reserves and pay savers an annual dividend.
In 2001 three small credit unions based in Wigan, Platt Bridge Credit Union, Pemberton Area Credit Union and North West Wigan Credit Union, joined forces to create one large credit union, Unify Credit Union (External link).
In 2007 the Welcome Credit Union, orginally for Wigan Council employees only, opened up their membership to the general public.
