Croydon Plus Credit Union Serve Financial Inclusion for Breakfast

Friday 26 January 2024

Croydon Plus Credit Union has been promoting their services through a new drop-in breakfast morning initiative. The credit union has been inviting residents of one of the most financially excluded estates in the country to learn about the products and services of Croydon Plus Credit Union whilst enjoying a free breakfast. This event usually runs on the same day as the venue also offers a food bank.

Following a long-standing partnership with the Illegal Money Lending Team (IMLT) England, Croydon Plus received funding to promote saving and deter the use of loan sharks within deprived areas. The sessions hosted at The New Addington Family Centre, Croydon has seen impressive attendance and for every account opened between January and March 2023 the IMLT gave a £25 bonus providing the member continued to deposit. The savings buffer individuals build with the credit union will allow a greater degree of financial resilience and continues the fight against dangerous loan sharks.

The initiative has seen great success for the residents of the area and the credit union as about 40 accounts were signed up, with 20 of these qualifying for the bonus payment. Peter Robinson, Operations Manager at Croydon Plus Credit Union said that two of these members have taken out loans since the breakfast club and have been making regular repayments. These are two less people who have fallen victim to loan sharks as they were able to access the credit they needed in a safe and affordable way.

Peter said that they hope to undertake a similar initiative in the near future.