Cara Credit Union’s Mission Statement

“As a member-owned organisation embedded in the local community, Cara Credit Union Ltd, is committed to enhancing benefit and choice for its members through a range of financial services. These services will be delivered with integrity within the operating principles of the credit union movement. Cara Credit Union Ltd will lead and promote best practice in everything it does”.

At the heart of all decisions and policies are our Ethos and Operating Principles.

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As a Not for Profit Financial Co-Operative our services aim to incorporate the Credit Union Motto “Not for Profit, Not for Charity, but for Service” by

  • Encouraging thrift
  • Creating a source of credit at reasonable interest rates
  • Educating members on the wise use of money
  • Promoting the welfare of the credit union community

The philosophy of the Credit Union Movement is grounded in the co-operative values of:

  • Equality
  • Mutual Self Help
  • Equity

“People helping People” is at the cornerstone of this philosophy. By working together through co-operation, people can achieve far more together than individually on their own.

The Credit Union Movement has adopted a common set of Operating Principles based on our Ethos and Philosophy

Credit Union Operating Principles are:

  1. Open and Voluntary Membership
  2. Democratic Control
  3. Limited dividends on equity capital
  4. Return on savings and deposits (subject to approval at the yearly AGM)
  5. Return of surplus to members (subject to approval at the yearly AGM)
  6. Non discrimination in race, religion and politics
  7. Services to members
  8. On-going education
  9. Co-operation among co-operatives
  10. Social responsibility