credit unions

Credit Union membership passes two million

1st September 2023 Alternative Consumer Lending | #credit unions

Latest Bank of England data has found that the number of adults who are members of Credit Unions has passed two million for the first time. The number of adult members of Credit Unions grew by 1.3% in 2023 Quarter 1 (Q1). The total value of net liabilities in arrears grew by 10% to £139.8…

Stockport Credit Union appoints new CEO

21st August 2023 Appointments | #appointments #credit unions

Stockport Credit Union has announced that John Haslam has been appointed as its new Chief Executive Officer (CEO). Stockport Credit Union has been serving its residents since its inception in 1989 and is nearing 5000 members – an annually increasing figure highlighted in their 2022 Annual General Meeting. The credit union also has many payroll…

Credit Union borrowing hit record levels in 2022

2nd May 2023 Alternative Consumer Lending | #credit unions

New data from the Bank of England has found that the total Credit Union borrowing hit a record £2 billion in 2022 with all-time high membership of unions at nearly 2 million. The data showed Credit Union membership rose by 60,863 to reach 1,980,964 at the end of 2022 as more borrowers widened their net…

Credit Unions lending record sums to borrowers

1st February 2023 Alternative Consumer Lending | #credit unions

Analysis from Freedom Finance has found that Credit Unions are lending record sums to borrowers in the UK as the cost of borrowing continues to rise. The latest Freedom Finance Credit Monitor revealed that average household quoted rates on credit cards hit 22.46%, their highest levels since 1998, while personal loans posted their highest quarterly…

Credit Unions membership rises to record levels

24th May 2022 Alternative Consumer Lending | #credit unions

Membership of Credit Unions has risen to an all-time high, with these financial institutions lending more money than ever as the cost-of-living crisis worsens. The Bank of England’s latest data shows that over 1.9 million people in the UK are now members of a Credit Union. Borrowing from Credit Unions is particularly common in Northern…

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