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London Capital reports record growth


09 Feb 17

Members at the AGM of London Capital Credit Union have heard it report another record year of growth.

In the financial year 2015-16, the credit union’s membership increased by 19%, savings by 22% and loan balances by a huge 30%.

The Annual General Meeting, which was held at the UNISON Centre in London on 2 February, saw a fantastic turnout of 148 members who found out how their credit union had performed over the past year and its plans for the future. At the meeting, members agreed an increase in the credit union loan interest rebate and Young Savers Account interest from 0.75% to 1% while maintaining dividend on savings at 0.75%.

London Capital Credit Union President Helen Baron said: “London Capital Credit Union is one of the fastest growing credit unions in Britain. We now have some 15,000 members who between them have more than £10 million in savings. In 2015-16 we gave out over 5,700 loans to a value of nearly £8 million.

“The last twelve months or so have been very exciting for the credit union as we work to meet our social goals as well as providing fair and affordable financial services. We were one of the first financial institutions in the UK to sign up to the Women in Finance Charter; we became an accredited London Living Wage employer, and the Fairbanking Foundation charity awarded its first 5 star mark to us for our ‘Saver Loan’ and ‘Instant Saver Loan’ products.

“We continue to focus on providing first class customer service and our annual member survey continues to show high levels of overall member satisfaction. This is borne out by the fact that much of our growth comes through personal recommendation.”

London Capital Credit Union provides services for anyone living, working or studying in Barnet, Camden, City of London, Hackney, Haringey or Islington, as well as any member of Unite the Union or UNISON in Greater London, any member of The Co-operative Group South East Region and the employees of many other local and national organisations.

Helen Baron added: “We look forward to continuing to offer a range of fair and flexible financial solutions which meet the needs of all members of our community – whether that is loans provided at a reasonable rate of interest, the promotion of thrift through the accumulation of savings or education in the wise use of money.”

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