“Thanks a million” says Your CU
12 Apr 16
Your CU is celebrating the landmark of lending £1 million to its members.
The Kensington-based credit union announced the milestone at its Annual General Meeting, where it was also revealed that members would receive a 2% dividend on savings.
Your CU Chair Professor Jonathon Read (pictured) said: “It is an important symbolic target, but also shows how the community can offer a viable alternative to members who need to borrow responsibly rather than with payday or shop-based lenders.
“Because we are a mutual, people feel very much engaged in this process and our profits are either distributed to members or re-invested in the business to benefit our members.”
Professor Read said individuals’ borrowing needs were diverse and variable, from restructuring their affairs through to buying a specially-adapted car to facilitate dealing with a disability.
He added: “The point is to offer a viable alternative to the very high interest rates offered by some entities and, of yet more concern, the illegal doorstep lending to which some residents fall prey.
“Because we can look at non-traditional credit histories, within the broad context of overall creditworthiness, we have flexibility that other lenders sometimes do not have.”
Your CU has its office on High Street, Kensington, and serves anyone who lives or works in the London boroughs of Kensington & Chelsea, Hammersmith & Fulham, Westminster and the City of London.
One of Britain’s newest credit unions, Your CU was founded in 2013 and now has more than 1,000 savers and 450 borrowers.