Stockport Credit Union (SCU) has recorded the busiest month its ever had, helping more people than ever before on the run up to Christmas.
During November, SCU lent over £230K to its members, 38% higher than any previous month that SCU has operated.
During the last financial year, the credit union also achieved its best results to date: including issuing almost 3500 loans. On average, nearly 100 new members joined each month.
Credit unions provide an alternative to the ‘scourge’ of payday lenders and loan sharks often so active at this time of year as well as providing ethical loans with co-operative values to a wide cross section of the local population. The money the credit union saves its members stays within the local economy.
In the last financial year, the credit union also achieved its best results – with an average of nearly 100 new members joining each month. The credit union enables people to access better rates of finance, move away from payday lenders and loan sharks, and encourage financial literacy and improve their financial management.
Credit Unions are membership-based not-for profit organisations whose core principle is that they are owned by their members. To become a member of SCU you must live or work in the SK1-SK8 area of Stockport or work for one of their payroll partners.
SCU, with its head office in Brinnington, is supported by volunteers in both back-office and customer facing functions, as well as on its Board. More than 30 volunteers work with the credits union’s employees to support over 4,500 members, keeping costs low and enabling more reinvestment into the community.
Jonathan Moore, Stockport Credit Union’s Chief Executive, said:
“Credit unions are often one of the UK’s best-kept secrets but we’re looking to change that here in Stockport. We are now in our busiest time of the year, helping many families to cover the cost of Christmas and we are experiencing far higher demand than in 2020.
“Our performance this year shows how we can make a difference, but there is so much more that we can do. We look forward to assisting more people over the next year by demonstrating the benefits of being part of an organisation that puts its members first.”
The credit union is a saving and loans co-operative, regulated by the Bank of England and the Financial Conduct Authority. SCU provides essential savings and lending services within the Stockport borough. They also work with partners to provide payroll support.