Plane Saver Credit Union Lending Reaches Record Level

Friday 26 January 2024

In June 2023 Plane Saver Credit Union (PSCU) lent over £2.08 million to its members. This is the most their members have borrowed in one month since PSCU was formed 30 years ago, and since 1993 PSCU has lent over £100 million.

This growth is generally consistent with the credit union sector, as demonstrated by the Bank of England’s Credit Union Statistics which showed that in the year from September 2021 to September 2022 credit union membership grew by 2.2 per cent and loans grew by 19.4 per cent.

Plane Saver’s loan products start with rates from just 5.9 per cent which is how PSCU makes borrowing affordable as households struggle with the cost of living and interest rate hikes. PSCU has reacted appropriately to the cost of living crisis as they have not moved away from the principle of taking applications case by case to fully understand members’ financial situations as opposed to a ‘computer says yes or no’ approach.

Fundamental to achieving this milestone is the dedicated and passionate staff at PSCU, who take the time to treat members as individuals and understand their financial situation to give them every chance of financial support.

Chief Operating Officer, Gurminder Bhagrath said, ‘’We are always improving technology and efficiencies to simplify applying for a loan, so we can give our members a quick answer. Additionally, we have been working well with car brokers and aggregators to expand our offering to this line of finance following recent amendments to the Credit Unions Act. What an exciting time for the credit union sector’’.

For more information or to join visit planesavercu.co.uk.