Affordable Credit for All in Nottingham
23 Sep 16
Nottingham Credit Union is part of a new campaign to offer Affordable Credit for All.
Working alongside Nottinghamshire Advice Network (NAN), the campaign means people who might otherwise use high cost credit will be informed about the costs and risks involved and encouraged to look to the credit union instead.
The campaign estimates that around ten million people in the UK are excluded from obtaining credit at reasonable rates because they are – or have been – in negative financial situations, often not of their own making. This results in many individuals turning to high cost credit to cover large expenses or simply to make ends meet.
The new Affordable Credit for All campaign aims to raise awareness about affordable borrowing and credit unions, so that individuals have all the information and choices to make informed decisions when seeking to access credit to ensure that they are borrowing responsibly and not following a path which could lead to unsustainable debt and hardship.
As well as NAN referring clients to the credit union, local bank branches are also signposting customers to Nottingham Credit Union when they are looking for the sort of small-sum credit that banks do not provide.
Credit unions have a proud track record of helping people get on top of their finances through regular saving and affordable borrowing, with credit unions charging much lower interest than other lenders for three-figure and low four-figure loans.
Nottingham Credit Union's Mansfield Branch Manager Marie Haywood said: “I’ve been here for a year and it is obvious that a greater awareness is required of credit unions and the affordable loans they offer.
“We’re working with local banks including Lloyds and Barclays to signpost customers who can’t get loans with them at the moment. The Affordable Credit for All Campaign is a great way of letting local people know that there is an alternative to high cost lenders”.
Nottingham Credit Union was founded in 1991 and serves anyone who lives or works in Nottinghamshire plus tenants of several partner housing associations. As well as its main branch in the centre of Nottingham, the credit union opened a new branch in Mansfield last year to make it more visible and easier to join and use for people in that area. Nottingham Credit Union now serves more than 8,000 members.