Jargon busting
Credit Unions and Banks: what’s the difference?
Last reviewed May 2026 Quick answer A credit union is a member-owned, not-for-profit cooperative. A bank is shareholder-owned and profit-driven. Both offer savings and loans, both are regulated by the Financial Conduct Authority (FCA), and both protect your money up to £120,000 under the Financial Services Compensation Scheme (FSCS). When it comes to borrowing and…
Read MoreWhat is a credit union?
Last reviewed January 2026 At a glance Member-owned and not-for-profit — surplus goes back to members, not shareholders Offers savings accounts and personal loans with government-capped interest rates Membership requires a “common bond” (area, employer, or community group) Savings protected up to £120,000 by the Financial Services Compensation Scheme (FSCS) — same as high street…
Read MoreNotice of Correction: add context to your credit file
Sometimes the numbers on your credit file don’t tell the full story. You have the right to add a personal explanation. This is known as a Notice of Correction. What is a Notice of Correction? A Notice of Correction (NOC) is a short statement (no more than 200 words) that you can add to your…
Read MoreAPR explained
If you’ve ever applied for a loan or credit card, you’ll have come across the term “APR.” It is a term that confuses many people. But what exactly does it mean? NestEgg cuts the jargon, and explains why higher rates aren’t always as expensive as they seem. What is APR? APR stands for Annual Percentage…
Read MoreBuy Now Pay Later Schemes: How vulnerable do they make you?
Buy Now Pay Later (BNPL) schemes have become increasingly popular over recent years. They allow individuals to purchase goods and services and spread the cost (interest-free) over a number of monthly instalments. Some retailers have their own BNPL scheme, however many use a third-party provider such as Klarna, and Afterpay. When an individual opts into…
Read MoreProving your identity
All NestEgg lenders are regulated by the Financial Conduct Authority and Prudential Regulation Authority. Due to this, credit unions are required to confirm your identity before you join and take out a loan. When you complete an online application, NestEgg will use information from a Credit Reference Agency to check your identity. In most cases…
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