Half a million pounds distributed at Christmas by the Lancashire Credit Union
It unlocked nearly £ 130,000 from members’ Christmas savings accounts in November, up £ 11,000 from last year, showing people had saved more for the holiday season.
He also made nearly £ 514,000 in Christmas loans this year, up from £ 60,000 in Christmas 2020 when locals borrowed a total of £ 453,000.
The increase in savings and loans is due both to a greater appetite to make the most of the holiday season and to his team’s growing presence in the community, according to Anthony Brookes, co-manager of CLEVR. .
He said: “We were delighted to see the Christmas savings increase, showing that people are setting aside more than ever to cover holiday season expenses.
“And the increase in loans is also good because it means that the people who have to borrow are doing it with a responsible and reputable lender like us rather than with payday loan companies or loan sharks.
“We have also worked very hard to remain visible in the community despite Covid closing the branch doors and preventing our face-to-face sessions with the community.
“These numbers show that we have continued to successfully serve our existing members and have attracted new members through word of mouth and our online campaign, ensuring that members of our community can always access the fair and affordable loans that we offer them. “
The prospect of a better Christmas than 2020 and concerns about another foreclosure have both boosted Christmas spending, Anthony said.
He said: “Some people spend more to make up for lost time, while others buy bigger gifts to make up for not being able to see people.
“And some families have more to spend just because they couldn’t go on vacation this year. Whatever the reason, the credit union is here to help people across our community with a great program. savings and access to fair and affordable loans.
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