Celtic Credit Union has revealed it saved more than 2,700 people across Neath Port Talbot and Swansea Bay around £2.1 million in debt repayments over the past year, compared to using a payday lender.
Julie Mallinson, Business Development Manager for Celtic Credit Union, said: “This staggering amount of money shows how, at this crucial time for the nation’s finances, credit unions help people to avoid financial hardship, worry and debt which affects communities in Neath Port Talbot and Swansea Bay. It’s never been truer to say that you really are better off with us.”
On an average £900 loan repaid over a year, members of 13 weeks standing with savings with Celtic Credit Union would pay a total of £984 over 12 months.
Jeremy Miles MS said: “It is very encouraging to see the important contribution that Celtic Credit Union is making to people’s lives right across Neath and the Swansea Bay area, not just in providing access to finance but also offering a safe place for people to save their money. This is testimony to the hard work and dedication of the directors, staff and volunteers.
“With many people experiencing financial hardship as a result of the coronavirus, the role of credit unions in offering an affordable alternative to high cost lenders and pay day loan companies, has never been more important.”
The Credit Union has stayed open throughout the Covid-19 lockdown and moved to new premises in Station Road, Port Talbot.
Julie Mallinson added: “Unfortunately the timing of our move was not ideal but the lease had already been agreed and our members are delighted with the new office.
“At Celtic Credit Union members are not treated as a credit score and despite being turned away for a loan from other high street institutions, may still be able to borrow from us.
“Interest from a credit union loan is charged on the reducing balance of the loan, there’s no hidden charges or penalties for paying it off early, and many applicants receive free life insurance.”
Source – Credit Union of Wales