Churches Mutual Credit Union - Three Million in assets in two years
27 Jul 17
Churches Mutual, the credit union for ordained and lay ministers, church charity employees and trustees, is celebrating reaching £3million pounds in assets.
Since its launch in 2015, CMCU has processed 1100 applications from individuals and a further 43 from corporate bodies such as churches and church organisations. Since July 2016 it has had two extensions to its common bond to offer savings and loans to eligible members of the United Reformed Church and the Roman Catholic Church in England and Wales and in Scotland.
Hilary Sams, CEO of CMCU, said: “As a credit union, it is important for us to do things differently. This includes attracting members from a wider range of social and economic circumstances than might generally be expected. We also serve all eligible sections of our common bond, not just those in full time ministry, but church charity workers and trustees, teachers and ancillary staff of schools in church Multi-Academy Trusts and other church employees.”
One of CMCU’s successes is in larger lending. The Credit Union offers car loans from £5,000 – £15,000 at 3.9 per cent to 4.3 per cent APR with an average loan of £7,500. Hilary said: “Our car loan, which is repaid through payroll deduction, is one of the cheapest loan products offered by credit unions in the UK. This is because it costs the credit union less to process these repayments and it passes this saving onto the borrower.
“Although our car loan product provides a stable foundation to our loan book, we have found a variety of needs and circumstances amongst our potential members, and we try to support them wherever they are in life’s journey.
“It is not unusual for our members to have moved around a lot in a short period of time, or to have returned to full time education in their forties or even fifties which can put the whole household into financial stress. We aim to work with all those who approach the credit union to promoting good savings habits and financial wellbeing. It is part of our ministry too.”