Shropshire Star

Shropshire credit union delivers record level of loans as cost of living hits

A Shropshire credit union says it has delivered a record number of affordable loans in a bid to help local people during the cost of living crises.

Last updated
Karen Farrow, chief officer of Just Credit Union

Just Credit Union, a not-for-profit savings and loans co-operative, said that, at the end of its financial year, it had smashed through the £2 million loans barrier for the first time.

In total, it supported 3,164 people, with £2,147,160, in comparison to £1,977,623 in the previous year.

Karen Farrow, chief officer of Just Credit Union, said: “We helped well over 3,000 people during our 2022/23 financial year, lending well over £2m at affordable rates.

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

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

Karen added: “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 and becoming a member is the only way to be sure that your saving or borrowing are helping your local community and economy.”