CANCELLED – Annual General Meeting 2020

Dear members,

We have been closely monitoring updates on the spread of the Coronavirus. The health and safety of our members is our first priority so we have made a decision to cancel the AGM which was to take place on Thursday 26 March 2020.

Thank you for understanding and support.

With kind regards,

M for Money Credit Union team

Coronavirus Contingency Plan

Dear Member,

Due to the Coronavirus, we may need to change our work practice due to reduced staffing or staff working from home.

The rate at which emails are received has significantly increased with more members requesting withdrawals. This increase in emails means that the time we take to respond may increase and hence your withdrawal may take longer than usual.

By far the quickest way of getting a share withdrawal is through the Members Area on the website. If you have yet to register for the Members Area on the website you should do it straight away. You can register here.

Members Area share withdrawals are processed on a daily basis and if submitted before 9 am will show in your bank account the same day or after the next working day. By comparison, email requests for share withdrawals could take up to three working days.

Kind regards,

M for Money Credit Union team

Member referral scheme for Child Benefit borrowers

Members that refer a new member to M for Money for a Child Benefit Loan can now claim a £50 referral bonus for themselves and the new member, who will also receive a £50 bonus.

Our Child Benefit Loan is the most popular loan that we have whereby last year we loaned out almost £500,000 to our members. This year we are already on target to significantly beat that.

You can help by referring your friends that are in receipt of Child Benefit who need a loan. All they would need to do is put your name on their application form in the box labelled “Promo Code”.

As soon as we pay their loan, £50 will be added to both of your accounts with the credit union. Neither payment can be withdrawn for six months by which time they will be ready for their next loan.

Child Benefit Forms are available from the website.

Please note that Terms and Conditions apply.

Building a community

The strength of the communities that we live in relies very heavily on the ability of the members that live there to access finance when confronted with unexpected disasters. This is sometimes referred to as resilience or the ability to recover quickly.

Members of M for Money, when faced with a financial challenge, are more likely to be able to access money from their savings or by taking a credit union loan than those people living in an area with no access to affordable credit.

The more people that join the bigger we get and the better the service that we can provide for our members. So, no need to be shy, tell your friends about M for Money and let’s make it grow as our community grows.

Member referral scheme for payroll savers and borrowers

As the strength of a credit union relies on the support of the local community, whether it’s where you work or live, we are on a mission to grow our credit union. On that note, we would like to introduce our M for Money Credit Union referral scheme.

About the referral scheme

If you refer a colleague and they take an introductory loan of up to £2000, which is payable over three years, you and your colleague will both receive an additional £100 to your account.

How it works:

Step 1: Your colleague needs to complete the Joining and Loan forms. They would then have to email the forms to admin@m4mcu.org.

Step 2: You would also need to complete the Loan form with the referee’s name in the ‘Promo Code Box’ on the Loan Form. This cannot be added after the form has been received. Once completed, email the form to admin@m4mcu.org.

Step 3: If your colleague then goes ahead and takes the introductory loan, we will email you both confirming that you’ve qualified for the referral bonus.

You can refer as many colleagues as you wish.

Ts&Cs apply. *

Three reasons why your colleagues should join the M for Money Credit Union:

  1. We are a not-for-profit so your money is safe
  2. We have low-interest rates therefore when you borrow a loan, you are also saving money
  3. All savings up to £85,000 per member are guaranteed by the Financial Services Compensation Scheme.

We look forward to having your colleagues on board.

February newsletter – M for Money Credit Union

Some of the topics covered in this February’s newsletter include:

  • Details of Annual General Meeting which takes place on Thursday, 26 March 2020
  • More information about Just Borrow and Open Banking
  • Pointers for ensuring a successful loan application
  • A few ideas on how you can celebrate Pancake Day
  • Money-saving tips: Beat the winter

Download February newsletter

Annual General Meeting 2020

We would like to invite all members and supporters of the M for Money Credit Union to attend our annual general meeting (AGM) on Thursday 26 March 2020 at 6.30 pm. It takes place at Uxbridge College Park Rd, Uxbridge, UB8 1NQ.

This is our opportunity to report back to you as the board as well as get your approval on matters as new board members and a proposal from the Board that we should pay a dividend.

Agenda for the AGM 2020
Minutes of the 2019 AGM
Financial Statements 2019

We look forward to seeing you there.

Manage your money and reach your financial goals

We recently came across the MoneySkills app which was created by researchers from the Centre for Business in Society (CBiS) at Conventry University. The app combines practical tips and step-by-step guides to help you manage your money and reach your financial goals. It has the following features:

• Goals tool that will help you set and track your financial goals
• Ezines that are short and easy to read
• Explainer videos that will teach you how to budget, set goals, save money and more
• Interactive budget planning tool

What’s more this app is FREE and is available to download from the App Store or the Google Play Store.

For more information, you can visit their website.

What is Open Banking?

Open Banking allows lenders like credit unions to see your bank statements without requiring photocopying and emailing them. As ever you can opt out of providing statements this way however Open Banking will make the assessment of applications much quicker.

Members wanting faster decisions know that we need to see everything that might impact on our decision and Open Banking provides the ability to easily look at all bank statements online.

Watch the video below to find out more about Open Banking.

(Source: Open Banking)

Just Borrow – a quick, fair and affordable Loan App

We launched ‘Just Borrow’ in 2019 which has shown that it provides a much better experience than any other Loan App. The application process is straightforward and you will get a decision instantly. In addition to this, our interest rates are way better than those from the competition because we are a not-for-profit community finance lender.

Only members of the M for Money credit union are able to use the Just Borrow Loan App service.

If you want to borrow a loan of up to £750 repayable over 9 months, then this is the Loan App for you.

Here is what some of our members have to say about the Just Borrow loan:

“Easy and so friendly, fast and effective service!”

“Lovely staff and really didn’t just judge me on credit rating but my history of borrowing with the credit rating itself. Really helped me out without outrageous charges that a payday loan would have actually caused me stress in the future which the just borrow loan is affordable and very low interest so it is a comfortable repayment not leaving me worse off in future.”

“Fast and efficient, fantastically low payback apr rates.”

Apply for a ‘Just Borrow’ loan today.