Our frequently asked questions section below provides answers to many common questions asked around joining retailCURe. If you have a question that is not answered below, please feel free to contact us.
A credit union is a community savings & loans provider that exists to provide financial services to a common group of members – in our case those employed in retail or related industries in the UK. Unlike banks and other commercial finance providers, a credit union does not operate to generate a profit - it exists solely for the benefit of its members.
A credit union is a community of its members, whose aims are to promote their financial wellbeing through savings, affordable and appropriate lending opportunities, and through the promotion of greater financial awareness. Members are the owners of the credit union and the absence of third-party shareholders results in beneficial rates for depositors and borrowers. The pressure to generate profit for shareholder dividends is greatly reduced, and any surpluses generated by the credit union are redistributed among the members.
The structure and nature of a credit union frequently enables it to help those who are currently excluded from access to ordinary bank products. It can become a lifeline for people who may otherwise have to resort to payday loans or doorstep lending which often carry incredibly high interest rates.
To join retailCURe you must be a UK resident aged 16 or over and have been employed in retail, in retail manufacturing, retail wholesale distribution or in support services for retail for a continuous period of at least three months. When you join we will verify your employment status. You can read more on this on our 'Common bond' page.
You must then open an easy access account with a £1 minimum deposit and continue to save regularly. Once you have opened an account with retailCURe, you are then eligible to apply for a loan and/or term deposit account.
Before you apply, please make sure you are:
- eligible to join us (see our 'Common bond' page). You may be asked to provide or upload evidence of this eligibility. Please ensure you have this saved on your device before you start your application. Uploads must be 5Mb in size or less.
- living permanently in the United Kingdom.
- not already a member of retailCURe.
You’ll also need:
- address details for the last 3 years.
- a valid email address and mobile phone number to send you important information about your account.
If you have further questions please feel free to contact us.Find out more
You can join quickly and easily by completing a membership and product application found on our website. Upon application you will be asked to provide certain details including the name of your employer and your NI number. We will also request you to provide us with a copy (or e-copy) of your pay slip, which will be used to verify your employment qualification to join retailCURe.Find out more
You can save as much or as little as you like, as often as you like. You need a minimum £1 balance to keep your account open and we can accept a maximum of £15,000 across all your accounts with retailCURe. Payments to your account can be made via payroll deduction or direct from your bank.
Interest rates vary according to market circumstances and the nature of your deposit, but in all cases, retailCURe will aim to provide a competitive rate of return on your savings. All members have the same interest rate for the same type of deposit, regardless of amount.
We encourage sensible borrowing and as a responsible lender we make sure that all our members’ loans are affordable. You can borrow anything from £250 to £10,000 with repayment plans ranging from 6 to 60 months. With each loan repayment you make a savings payment too, giving you a cushion for the future.
There is no penalty for early repayment and no administrative (or other) fee will be charged on member loans.
Yes. We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £75,000.
The credit union is also authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This means that we meet strict conditions for trading, we are required to submit information on our financial performance to the regulators every three months and our directors and senior staff are vetted by the regulators.
No. Savings are a crucial element in financial wellbeing, and we strongly encourage savings among members, even if the amounts are small. When we announce member reward schemes these will reward regular savers, and we will also seek to provide incentives for members to save as they borrow.
Once we confirm you are eligible to join retailCURe we aim to process loan applications in one working day and send the money the following day. Note the retailCURe working week is Monday to Friday. If you are joining retailCURe and applying for a loan on the same day we may require a little longer to check your membership eligibility with your employer.
You will remain a member of retailCURe, however your monthly payment will be made via the direct debit instruction to your nominated bank account (the account your salary was paid into by your previous employer.) You will still be able to use retailCURe for your loans and savings.
For any major changes in your circumstances we strongly encourage you to contact retailCURe and discuss the various options available to you. retailCURe allow loans to be rescheduled with no fees. Additionally, if your salary changes your employer will only make deductions to retailCURe where they do not exceed 25% of your net income. This is to ensure that you do not suffer any immediate difficulties but retailCURe will need to speak to you to discuss your options.
Your employer will be taking a deduction from your wages and passing this amount to retailCURe only. They will not know any details about your account and will not be able to access this information.
Your employer will not know the details of your account, they will only know the amount of the deduction that they need to make. If you approach your employer they will advise you to contact retailCURe.