Salford Credit Union provides an invaluable service, says Mayor

Friday 12 January 2024

Salford Credit Union has invested in new online services for 2020 to compete with high street banks and payday loan companies.

As part of its partnership with credit unions from across Greater Manchester, Salford Credit Union is one of the few credit unions who have been awarded to participate in HM Treasury’s and Nesta’s, Affordable Credit Challenge.

The Affordable Credit Challenge is a £1.5m prize that encourages UK FinTech’s and community lenders – such as credit unions – to work together to ensure people can access alternatives to high-cost-short-term credit.

The Greater Manchester Consortium of credit unions is developing a payday loan product and app with fair interest rates and repayment schemes – to help stop people from using high-interest payday loan companies.

Chair of Salford Credit Union, Councillor Jim King, said: “2020 is an exciting time for Salford Credit Union. The new website will make it easier for people to use our services and get a quick quote and see how much money they would save by using the credit union rather than high street lenders.

“Last month alone we had 73 new members, 210 people given loans and £222,000 interest charges saved. We have had steady growth in the organisation, with more than £1 million lent last year and we have helped people save more than £1 million, due to our loan interest rates being so much lower than other high street and payday lenders. We have also helped Salfordians keep more than £2 million of savings in their accounts, giving them more control over their finances.

“At the root of everything that we do is the financial health and wellbeing of Salfordians and this combined with working with other Greater Manchester credit unions on a new loan product is a great way to start a new decade.”

Salford City Mayor, Paul Dennett helped to launch the new website at Salford Civic Centre with a treasure hunt-themed promotion to gain the interest of Salford City Council staff.

He said: “Personal and household debt plays a huge part in money worries for local people and one of my priorities is tackling poverty. Salford Credit Union provides an invaluable service. I’m delighted to support their latest initiative and work, which continues to see their membership growing.”

Source – Entirely North West

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