We are committed to providing fair and responsible financial services for everyone in Glasgow
Operating for over 20 years, both Pollok Credit Union and BCD Credit Union are local community based savings and loans organisations. We are both owned by our members – people like you who live and work within the ‘G’ postcode area. Our members trust us to provide them with ethical financial services and they share in our success and profits. Both PCU and BCD are authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority that also regulates all banks and building societies. We are also a member of the Financial Services Compensation Scheme (FSCS).
In doing business, we like all other cooperatives, are guided by the Cooperative Values and Principles. This means we are committed to helping people to help themselves and to operate honestly and in an equitable manner. We are fair and open about what we do and how we do it and we carry out business in a way that is responsible and unbiased. Caring for and supporting the communities we serve is an important part of our business philosophy. So we do business in a way that contributes to the social, economic and environmental wellbeing of the communities in which our members live and work.
Both Pollok Credit Union and BCD Credit Union work in partnership with Glasgow City Council, EPIC 360 and a number of other community organisations to provide affordable financial services to people across Glasgow.
Assessing your ability to repay
Fairness is central to our cooperative business philosophy. In practice this is shown in the way our organisations and the individuals within them behave and think about fairness - it is our first thought not our last, a mindset - the DNA of our organisation.
As ethical and fairer organisations, we believe that borrowing money should be a carefully thought through process. The way we lend is built around your ability to repay. That is why we take necessary steps to assess your personal circumstances. It demonstrates our commitment to lend to you responsibly and to improve your financial welfare. If we think that your financial situation would be worse off as a result of our lending, we will not lend to you, as borrowing money sometimes may not be the answer to financial problems. Therefore we will do our best to assess your ability to repay your loans and other important commitments from your total income. When assessing your ability to repay, we would always use a third party credit reference agency. Also, we may have to seek further clarification about your financial circumstances from you. In some cases, we may not be able to lend for now, but could lend to you at a later date if your circumstances change or we may grant a smaller loan than you originally applied for.