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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email: info@credit-union.coop

Wed 16-Aug-2017
NewsCredit union lending continues to grow
Print
8 November 2016
Credit union lending continues to grow

The latest figures from the Bank of England show a huge increase in credit union loans – and London Capital Credit Union is leading the way.

Credit union lending in Britain has grown by 8.5% since June 2015 to more than £781 million. This means credit unions are providing an additional £61 million in credit to British consumers compared with the same time a year ago.

The figures – based on returns from 334 credit unions across England, Scotland and Wales – show that at the end of June 2016, total credit union membership (including junior savers) was 1,281,279. This means Britain’s credit unions serve 43,157 more people than they did in June 2015, and represents annual membership growth of 3.5%.

The official statistics also reveal impressive growth in credit union savings. An extra £87.9 million was deposited with credit unions in the year to June, representing a 7.8% increase in members’ shares to around £1.22 billion.

These figures show that credit unions are making a greater contribution than ever to the financial health of people in communities and workplaces right across the country.

At London Capital Credit Union, we are helping to drive this growth, with a 32% increase in lending and 23% more savings over the last year. We now have well over 15,000 members.

Martin Groombridge, Chief Executive of the Credit Union, said: “It is great to see that credit unions all over Britain are doing well and continuing to grow. At London Capital Credit Union we are leading the way in reaching more and more people with our low cost loans, keeping them out of the clutches of payday lenders and loan sharks.

“The benefits of credit union membership have never been more important in these uncertain times, so we would urge people to talk to the Credit Union first before turning to high cost lenders. Don’t bury your head in the sand – talk to us today and get your finances in order.”

Click here to find out more about our low cost loans and how much it would cost you to borrow from the Credit Union. We’re sure you will be pleasantly surprised!


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  • London Capital Credit Union
  • Tel: 020 7561 1786 (Multilingual advisors available)  • 
  • Fax: 020 7272 8192  • 
  • Email: info@credit-union.coop
  • Web: http://www.credit-union.coop
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