Right Way Credit Union
41 High Street, Paisley
Thursday 17th Mar, 2016
by Sarah MacLellan, Marketing Graduate Officer, RWCU
As a new employee at the Renfrewshire Wide Credit Union, I have to be honest, I didn’t really know much about them or what they did before starting in this position. Terrible, I know! However, one thing I do know is that it is a very rewarding organisation to work for as the credit union focuses on developing a community environment and informing members on the best ways to manage their money.
In simple terms (as I am still learning myself) I will provide a brief overview of what the Renfrewshire Wide Credit Union (RWCU) does:
It encourages saving – In my opinion, saving is extremely essential to live a comfortable life. If you know you have that emergency money in a safe place then I believe it allows you to live a less stressful life. You never know what is going to happen in the future, what you are going to do or where you are going to be. The unknown should be exciting. However, in order for it to be exciting that safe guarded money has to be available. RWCU aids the support needed to save money which, for many people, can be difficult. The bonus of saving in a credit union is that your money is guaranteed to be in a safe place and it is not just left in your bank account where it has the opportunity to easily be disposed of at any moment.
It provides low cost loans – RWCU will only issue a loan to someone who has been a member for a minimum of 12 weeks and, the most important part, has been saving regularly before applying for the loan. In doing this, RWCU offers low interest rates to its members. Overall, it demonstrates that the credit union is interested in helping members with their money matters, and isn’t fixated on interest rates.
It encourages children and teenagers to become wise about money – Our next generation must be wise to the problems and issues surrounding debt in order to avoid some of the issues we have faced over the years. In the majority of children’s minds, when they receive money they are going to want to spend it immediately. Not all of them, some of you may already have or be those junior savers. However, equally, the credit union can play a very important role. All life practices are understood best if they are taught at a young age and this is exactly what RWCU aims to do. In terms of the school visits, this is a fantastic opportunity to engage children with games and activities related to money and really gets them thinking about money handling and their futures.
It creates a community approach – This could be the most fulfilling reason for being part of a credit union. Sharing and connecting with others can really have a positive impact on you as a person. Helping others and receiving help in return is truly gratifying and the credit union allows that by unifying members in one organisation. I feel that it’s really important to be part of a community environment, and especially when money is involved. Throughout our lives, we are no doubt going to encounter various problems with money, for example, borrowing and lending. The credit union approach tries to tackle the uncertainty of these problems by educating people on lending money to others and the correct respect which is required when borrowing money also. All in all, an extremely positive thing if you ask me!