In October to December Leeds Credit Union lent over £3,200,000 to members in Leeds and Wakefield.
The interest that a credit union charges on loans is limited to 42.6% APR. This means that those who took a loan from the credit union will collectively pay approximately £1.6 m^ less in interest repayments then they would have paid with high cost lenders (such as the money shops, doorstep lenders and pay day loan companies).
The £1.6 m saved is a real boost for the local economy. It keeps this amount of money in local people’s pockets, rather than flowing out of the community to the high cost lending companies.
Chris Smyth, Chief Executive of Leeds Credit Union commented:
“I am extremely pleased that the credit union has been able to help the local community save £1.6m in interest charges in the run up to Christmas”
This positive news comes as Leeds Credit Union enters their 30th anniversary of providing ethical financial services in the local community and announce some exciting statistics based on their lending over the last ten years.
Chris Smyth, Chief Executive commented “we are extremely proud of what we have achieved in the local community over the last few years. We remain dedicated to providing affordable financial services to the local community and beyond and I am sure there will be exciting times ahead for Leeds Credit Union as we enter our 30th anniversary year”
^Cost saving referred to above calculated by comparing the cost of a credit union loan repaid weekly over 52 weeks to a similar loan from a doorstep lender quoting 299.3% APR on 10.1.17 on 75% of our total lending. Note some high cost lenders charge considerably more.
Leeds City Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213369).
Tel: (0113) 242 3343 Email: firstname.lastname@example.org
Registered Office: Leeds City Credit Union Ltd, 2nd Floor Westminster Buildings, 31 New York Street, Leeds LS2 7DT
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© Leeds City Credit Union 2017