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Finance Industry News

Credit Union has invested in new online services for 2020 to compete with high street banks and pay day loan companies


Credit Union has invested in new online services for 2020 to compete with high street banks and pay day loan companies


"At the root of everything we do is the financial health and wellbeing of Salfordians and our investment in new online services is a great way to help and start a new decide."
Councillor Jim King, chair of Salford Credit Union



Salford Credit Union has invested in a new website to be an affordable and ethical alternative to high street banks and payday loan companies.

The new website includes an easy to use calculator to get a quick quote on a loan and is easier to navigate to access savings and loans.

The not-for-profit organisation has also partnered with credit unions from across Greater Manchester thanks to NESTA funds and 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 pounds lent last year and we have helped people save more than £1 million pounds, 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 pounds 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 Credit Union has also been awarded £54,000 from Lloyds Bank Foundation, to strengthen the organisation’s reserves.

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.” 

For more information on Salford Credit Union go to www.salfordcreditunion.com

 

 

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