PIONEER CREDIT UNION LTD
Middlesbrough's Community Bank
Welcome to our website. Here you will find all sorts of information about our credit union, how we work and how we can work for you. If you live in the Middlesbrough authority area then you can join us and take advantage of our savings accounts and low cost loans as well as many other benefits.
Take a look around to find out more or contact us today to see how you can become a part of our credit union.
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Anyone living or working in the Middlesbrough authority area, or with a direct link to Fabrick Housing Group, can become a member and start to save money today.
Joining Pioneer is quick and easy. We have a wide choice of customer contact points and times across the town.
WHAT IS A CREDIT UNION?
A credit union is a not for profit, member owned financial co-operative, run by its member and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members.
HOW CAN I JOIN?
Joining Pioneer is simple. Just call along to one of our customer contact points. It’s only £3
to join for adults and FREE for junior members up to 18 yrs old!
WHAT DO I NEED TO BRING WITH ME?
Adults will only need to bring along their National Insurance number and two forms of I.D. such as a utility bill, bank statement, benefit letter, passport or driving license. Visit our Forms and Downloads page to download a list of ID we can accept.
SAVINGS
Turning Rainy Days into Sunny Days
It's really easy to save with Pioneer. You can save in several ways, and from as little as £1 a time.Â
We currently have two types of account, our normal saving account or a Christmas Saving option. You can access savings in your normal account at any time, provided you don't have a loan with us still outstanding.  Savings paid into the Christmas Saving account can't normally be accessed until before Christmas. Lots of members love this because they know it's out of reach and will be there when they most need it.
WHY SHOULD I SAVE?
As well as being prepared for the unexpected, savings are a great way to gain peace of mind for the future. Christmas, school uniforms and holidays all come round year in, year out.
And remember, to access affordable loyalty loans from Pioneer, you need to have some savings in your account too.
DO I EARN INTEREST ON MY SAVINGS?
Pioneer doesn't pay interest on savings, but can pay a 'dividend' or bonus to members at the end of its financial year if enough extra money has been made. All money made from loans or other activities is either used for running expenses, development of new services or paid as dividends.
CAN I TRANSFER MY SAVINGS?
Yes, just use the Money Transfer Form in the Forms and Downloads section to transfer money from your account into another member's account. You can also use the same form to transfer money from your savings to pay a member loan.
LOANS
Affordable, Ethical.
If you need to borrow money, it makes sense to borrow it in the cheapest way possible. Pioneer offers members who save with us regularly the opportunity to access a loan at an affordable rate of interest, with no hidden charges or fees.
Our lending interest rates are variable from 6% - 42% APR depending on how much you borrow and over how long. Our interest is charged to the loan at the end of every month and remember that we only charge interest on what you owe, not what you borrow!
Compare our interest and charges to some other lenders and you will see just how much money you could save.
HOW CAN I GET A LOAN?
First of all, you have to be a member, so if you haven't already, join today and get saving!
Only adult members who have saved with us consistently for 13 weeks or more can apply for a loan. This encourages people to get into the habit of saving rather than just borrowing and provides some security for any loan.
HOW CAN I BORROW?
This depends on how much you have saved, and your borrowing history with us in the past. First time loans are usually allowed for up to one and a half times the amount of savings you have (with a limit of £1000).  Once repaid successfully this increases to double the amount for the second loan and triple the amount for the third and any further loans.