Loans Milestone for CLEVR Money

Friday 26 January 2024

Since its formation in 2009, Lancashire-based credit union, CLEVR Money have issued over 23,000 loans totalling to £20 million to help its residents avoid ‘bad debt’ and loan sharks.

Anthony Brookes, Loans Manager at CLEVR Money said reaching the £20m milestone in 2022 was an important moment for the credit union as he urges people to get in touch if they are struggling financially.

Antony said: “Hitting this £20million milestone is huge for the people of our community. It’s £20m in the pockets of normal people. It’s money which prevents them from using a doorstep lender, a PayDay loan or even a loan shark.

“Our loans let people pay for what they need right now, and pay it back responsibly without fear of it spiralling and ruining their lives.

“For anyone thinking of borrowing from an unregulated lender – whether that’s someone down the pub or at the school gates – please stop and think about it, and come and speak to us first!”

CLEVR Money has seen the number of loan applications and the amount it issues double over the last three years as awareness of the credit union grows and people increasingly find the need for short-term small loans when an unexpected cost arises.

Anthony added: “While most of our members are people in employment, folk are feeling the pinch and applying for smaller sums to tide them over. Without us they could be using a PayDay loan or even a loan shark which, unfortunately, can see debt spiral and leave them worse off each month.

“Our loans are designed to help people get straight with their finances rather than just meet that short term need. We know how those loans make a real difference in people’s lives and everyone who saves with us should be incredibly proud of the part they have played in helping to make that support possible.”