Leeds Credit Union saves people of Leeds over £9 million

Leeds Credit Union (LCU) has announced a significant achievement in its mission to support the financial well-being of its members and the broader Leeds community – between September 2023 and October 2024, it saved residents over £9,000,000 in high-interest loan repayments.

This milestone demonstrates the credit union’s commitment to providing its members with affordable and ethical financial solutions. Offering competitive loan rates and personalised financial guidance has helped people across Leeds avoid the burden of the costly, high-interest debts associated with doorstep lenders and loan sharks, positively impacting their mental health and well-being in the process.

If it wasn’t for the products and services provided by LCU, many of these people would have no option other than to turn to a loan shark, as they would be highly unlikely to meet the necessary criteria required by high street lenders to take out a loan or access their savings accounts.

By the numbers:

• Over £9,000,000 saved in high-interest loan repayments when compared to high-interest doorstep lenders operating in the area

• More than 4,000 lower-cost loans to Leeds residents

• Continuous support and financial education for the community

Mark Fleet, CEO of Leeds Credit Union, commented:

“We are delighted to share this outstanding achievement with our community. Saving our members over £9 million signifies more than just financial relief; it means greater financial stability, peace of mind and improved quality of life for thousands of families in Leeds. This accomplishment is a testament to the power of cooperative finance and our dedication to prioritising the needs of our members.”

The importance of organisations like LCU to the communities in which they operate has never been more apparent, with the findings of a recent survey of its members revealing that:

• 98.6% of respondents had been negatively affected by the cost of living crisis

• Those borrowing from LCU to pay for birthdays/Christmas/special occasions rose 1.5%, from 10.5% in 2023 to 12% this year

• The proportion of respondents who would have gone without if they hadn’t been able to borrow from LCU rose significantly, from 27% in September last year to 43% this year

• Based on LCU members’ responses, there has been no sign of cost of living pressures easing

The findings come at a key time with many people struggling to meet the financial pressure that comes with the Christmas period. One in 10 respondents to the survey said that without LCU, they would be forced to turn to doorstep lenders and loan sharks. As such, LCU has announced it will extend the period where people can get a loan in time for Christmas until Thursday 19 December 2024.

Leeds Credit Union offers a range of financial products and services that cater to its members’ diverse needs, including savings accounts, personal loans and financial education resources. The credit union’s member-focused approach ensures that all products are designed with the community’s best interests at heart.

This post is based on a press release issued on behalf of Leeds Credit Union