Principal joins credit union

Professor Steve Chapman

Professor Steve Chapman, the Principal of Heriot-Watt University, has become the first university principal to become a member of a credit union.

He has become a member of the First Scottish University Credit Union, which covers the staff and family members of the universities in Lothian. Professor Chapman said, "Over 15 years the credit union has achieved much and become a valued addition to the benefits available to the staff at all four universities in Edinburgh."

A spokesperson for the credit union said they were delighted the Principal of Heriot-Watt had joined the credit union. "As a result of our very great ease of saving, free insurance and cheap loans we are going from strength to strength, but the fact that the principal of one of our universities has joined us, shows the appeal of the credit union to all section of society."

First Scottish University Credit union has been in existence for over 15 years and offers all its members loans from £500 to £10,000 at 6.5% APR. The surplus over the financial year is returned to members in the form of a dividend as in all co-operative societies.