Local credit union steps up to support community in cost of living crisis

At the end of its financial year the member owned co-operative announced that for the first time it had smashed through the £2m loans barrier.

Karen Farrow, Chief Officer of Just Credit Union, said today: “We are delighted that we were able to help well over 3,000 people during our 2022/3 financial year, lending well over £2m at affordable rates.

“This avoids people having to borrow from high cost lenders or illegal money lenders, saving hundreds of thousands in interest payments.”

Just Credit Union not only provides fair interest rates to all, but also ensures loans are affordable and all borrowers have savings accounts to help them develop their savings habit.

The co-operative currently has £2,302,911 in loans and £2,216,910 in savings balances.

Karen said: “What people save with us is what we lend to local people at fair rates and the interest people pay on the loans funds the running of the credit union rather than going to out of area corporate profits.

“When we do make a surplus for a year our volunteer Board makes a recommendation of the percentage to be paid to our savers as a dividend which all of our members can vote on at our Annual General Meeting which will take place early 2024.

“The credit union is about people helping people who may be their family, friend, neighbour or work colleague. Becoming a member of Just Credit Union is the only way to be sure that your saving or borrowing are helping your local community and economy.”

Figures for 2022/23 are affordable loans to 3,164 people totalling £2,147,160 and for 2021/22 3,083 people totalling £1,977,623.

Membership of Just Credit Union is open to anyone who lives or works in Shropshire or Telford and Wrekin and people can join as just a saver or as a borrower and a saver. More information can be found at justcreditunion.org