Christmas saver loans launched by Shropshire credit union
Christmas saver loans have been launched by Shropshire's not-for-profit savings and loans co-operative.
Just Credit Union, of Shropshire and Telford & Wrekin, has recognised that many people may have to borrow this Christmas and is encouraging residents to do so in an affordable manner, whilst also building savings for their future.
A Christmas saver loan spreads the cost of this festive period whilst also building a safety net for next year.
With a minimum save of £5 per week, members build up a financial nest egg for unexpected bills or special occasions.
Just Credit Union says that if they allow their savings to grow for the full year they will have built up savings of £260 and the loan will have been repaid in full.
Chief officer Karen Farrow said: “Members can save more each week if they wish or add lump sumps to their savings whenever they wish.
"They can also access their savings whenever they wish subject to maintaining a minimum savings amount.
“We also have a family Christmas saver loan where families can use their child benefit payments to spread the cost of Christmas and build a savings pot for next year.
“A family with two children who take out a £500 family Christmas saver loan could by next summer have saved over £500 which could be useful for school uniforms or perhaps a family holiday.
“If they continue to save for the full year they could have over £1,000 in savings and their loan will have been repaid in full. It really is a great and easy way to change from being a borrower to a regular saver.”
Karen added: “We encourage people to save for Christmas, but understand that many people may need to borrow this year. We suggest people look to reduce their Christmas expenditure and if they do need to borrow they find an ethical lender.
“Just Credit Union will always ensure the loan is affordable and our Christmas saver loans and Christmas family saver loans all come with a savings account so that borrowers build up a nest egg for an emergency or a treat in 20201.”
Just Credit Union can be used by anyone who lives or works in Shropshire as well as Telford & Wrekin and people can find out more at www.justcreditunion.org
