Leeds Credit Union aim to help more families than ever this Christmas

Monday, November 7, 2016

Leeds Credit Union have launched their Christmas campaign and aim to help as many families as possible in the run up to Christmas. This follows research from a leading housing association that suggests that the average cost of Christmas for families is £800.

Last Christmas, Leeds Credit Union saved borrowers approximately £1.5m in interest payments compared to door step and pay day lenders* and aim to help even more people this Christmas.

Leeds Credit Union provide loans capped at 42.6% APR, notably less than high cost lenders such as the money shops, doorstep lenders and pay day loan companies.

Leeds Credit Union also encourage members to save and have found their Christmas club savings account extremely popular this year with over 2,200 taking out accounts planning ahead for the Christmas period.

Chris Smyth CEO of Leeds Credit Union commented:

“We understand that many people have to borrow in the run up to Christmas but at least those that came to the credit union last year for a loan received extremely good value.”

“Unfortunately those who borrowed from a high cost lender such as a money shop or pay day loan company will be paying an excessive amount of interest for their loan and will be waking up to a real headache in the New 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 Provident financial quoting 272.6% APR on 6.1.16 Note some high cost lenders charge considerably more