Nottingham Credit Union has reported a 28% increase in loans made during December compared to the previous year.

Nottingham City Council has been supporting the Credit Union to encourage more people to use it as responsible, ethical, local lender rather than pay day and doorstep lenders.  The Council has a ban on payday lender websites being accessible from Council computers, such as in libraries, and on adverts appearing on Council-owned platforms.

A revamped website has helped increase loan applications by making the process easier while a promotional campaign has raised awareness of the Credit Union among local people.

Nottingham City Councillor and Nottingham Credit Union Board member, Councillor Sam Webster, said: “A healthy, successful Credit Union is important for Nottingham residents. Credit Unions often offer much lower interest rates than pay-day and doorstep lenders.   Deterring people from resorting to loan sharks is important. Every loan approved by Nottingham Credit Union is a loan lost to unethical, high interest rate lenders.”

Nottingham Credit Union, based on Maid Marian Way in the city centre, offers a range of services to people across the city, from savings and loans to bank accounts and a raft of help and advice.

Unlike most financial services companies, NCU is a not-for-profit organisation – its shareholders are its customers. NCU prices its products to cover costs not to make money out of its customers. It puts customer service above making money and only develops products its customers want. Only people living or working in Nottingham and Nottinghamshire can join.

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