Category Archives: London Capital Credit Union

Record year for London Capital Credit Union

London Capital Credit Union logoLondon Capital Credit Union has had a record year, with more and more people turning to them for help with low cost loans and secure savings.

The credit union has seen a 47% increase in membership in the year ending September 2014 to 10, 062 members. It has also seen a 62% increase in loans to members to £5.6 million, but at the same time has seen members’ savings increase by 59% to £6.6 million.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “Our growth means that we are now helping over 10,000 people keep clear of payday lenders and other high interest doorstep lenders. As a member-owned co-operative, we are driven to improve the financial well-being of our members.

“For too long people in our communities have been exploited by money lenders with a focus on profit and greed. Credit unions like London Capital are fighting back by offering fair and affordable loans and savings and we’re pleased to be helping record numbers of people.”

London Capital Credit Union is dedicated to promoting saving and helping people deal with debt. It provides secure savings and low cost loans for anyone living, working or studying in Barnet, Camden, City of London, Hackney, Haringey or Islington. As a locally owned and run co-operative, all the money saved in the credit union stays in the community.

Martin Groombridge said: “We estimate that our members will have saved £6.5 million in interest, charges and fees by switching their borrowing to us from payday lenders and other high interest lenders.”

A loan from a credit union such as London Capital Credit Union will result in lower repayments than from a payday lender or a doorstep loan.

“That’s where people taking our loans in London can really benefit,” explained Martin. “What’s more, our ‘Saver Loans’ are designed to help people get into the savings habit, without racking up high interest charges.”

A typical £1,000 loan from the credit union, paid back over one year, would cost a total of just £67 in interest. This is a tiny fraction of what it would cost to borrow from a payday lender, for instance.

“That extra money stays in the local economy,” says Martin, “which has to be good news for everyone.”

Find out more at www.credit-union.coop.

 

 

Credit union saved Londoners £6.5m in interest payments

People who have taken out loans with London Capital Credit Union in the last 12 months have together saved over £6.5 million in interest payments and other charges.

Martin Groombridge

Martin Groombridge, Chief executive of London Capital Credit Union

The figures were revealed by Martin Groombridge, Chief Executive of the credit union, as he encouraged people to see for themselves how much they could save by becoming a credit union member.

In the 12 months to the end of August, London Capital Credit Union issued loans to the value of £5.3 million. According to Martin Groombridge, these loans saved local people a significant amount of money. “We estimate that our members will have saved £6.5 million in interest, charges and fees by switching their borrowing to us from payday lenders and other high interest lenders.”

A loan from a credit union such as London Capital Credit Union will result in lower repayments than from a payday lender or a doorstep loan. Said Martin: “That’s where people taking our loans in London can really benefit. What’s more, our ‘Saver Loans’ are designed to help people get into the savings habit, without racking up high interest charges.”

A typical £1,000 loan from the credit union, paid back over one year, would cost a total of just £67 in interest. This is a tiny fraction of what it would cost to borrow from a payday lender, for instance.

“That extra money stays in the local economy,” says Martin, “which has to be good news for everyone.”

London Capital Credit Union is a not-for-profit co-operative dedicated to promoting saving and dealing with debt. Established in 1962 it now has 11,000 members and £7m of assets and provides secure savings and low cost loans for anyone living, working or studying in Barnet, Camden, City of London, Hackney, Haringey or Islington.

Find out more at www.credit-union.coop.

Volunteering does Omkar credit!

When Omkar Omkar HushingHushing came to Britain shortly after getting married, he already had experience working for a mortgage lender in Mumbai. However, he was unable to find a job in the UK until he volunteered at London Capital Credit Union.

“It was very hard for me to get a job when I first moved here, because people didn’t think my experience in India was relevant to the UK market,” says Omkar from Hither Green.

But now, following three months’ volunteering with London Capital Credit Union, Omkar has secured a full time job with Initial Finance in West London. “Before I had the experience at the credit union, it was hard to get an interview let alone a job,” he says.

“During my time volunteering with the credit union I met some fantastic people and I was able to help with loan decisions for their members.”

London Capital Credit Union, based in Archway, is a not-for-profit co-operative dedicated to promoting saving and dealing with debt and provides secure savings and low cost loans for anyone living, working or studying in Barnet, Camden, City of London, Hackney, Haringey or Islington.

As a volunteer at the credit union, Omkar helped out in a number of administrative roles, but he says he was most at home with the loan process.

Credit unions offer relatively small – but affordable – loans to their members. Says Omkar: “Credit unions help people get back onto their feet and I can say that they also offered me a great chance to establish myself in the UK.”

According to Omkar, the credit union’s ethical approach to financial services will stay with him in his future career. “Credit unions really do good; they care about their customers and the way they treat people will influence how I deal with people in the future.”

To find out more about how London Capital Credit Union could help you, please visit www.credit-union.coop

Radio Taxis Credit Union to merge with London Capital

Members of Radio Taxis (London) Credit Union have unanimously voted to merge their credit union with London Capital Credit Union.

London Capital Credit Union logoThe merger will see the formation of an enlarged organisation with some 11, 000 members and £7m of assets.

Speaking about the decision Gordon Brown of Radio Taxis Credit Union said: “There is a greater need than ever for a more ethical source of financial services. People are still paying too much for borrowing and being discouraged from saving. This merger will make a larger and stronger Credit Union that will better serve many more thousands of people in years to come.”

Martin Groombridge, Chief Executive at London Capital Credit Union welcomed the vote. “We are very pleased to be welcoming the members of Radio Taxis Credit Union to London Capital and we are already looking forward to offering their members the full range of our products including our full online service.”

Radio Taxis Credit Union was set up to help London taxi drivers and their families get access to affordable credit and secure savings. Says Martin: “As a member-owned financial co-operative we offer all our members affordable credit and advice to help reduce debts and we welcome the opportunity to offer this to our new members.”

Martin added: “Credit unions across the UK are dedicated to serving the needs of their members and we are proud to be offering an alternative to the High Street banks and rip off rates charged by payday lenders and many other finance providers across London.”

Find out more at www.credit-union.coop.

Technology makes managing money easier

A new text messaging service from London Capital Credit Union will help savers and borrowers keep track of their money by allowing them to find out their account balances using their mobile phone.

Chief Executive at London Capital Credit Union

Martin Groombridge, Chief Executive at London Capital Credit Union

The locally-owned credit union offers both savings accounts and affordable loans and the text balance service is one of a number of ways that London Capital Credit Union is making managing money easier. Members can already access their accounts online and a new mobile app is due to be launched later this year.

By texting the words “mybalance” to the credit union at any time, credit union members who have registered their mobile phone numbers can receive a text message listing their account balances. Balances are updated in real time, meaning loans, savings accounts and membership account balances are all shown on the text service.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “Staying in control of your money is easiest when you know how much money you have in your account so we are pleased to be able to introduce this new service to help our members manage their money.

“Our new text messaging service is available 24 hours a day so members can check their balances at any time. Texts are charged at standard rates and it is free for members to receive their balance information.”

Martin added: “We like the human touch and are proud of the advice we can give to our members face to face, but we know there is a role for modern technology to help members keep track of their own finances.”

Find out more at www.credit-union.coop.

Donation to help offer affordable finance

London Capital Credit Union logoA donation of £10, 000 to London Capital Credit Union will help bring affordable loans to those in the shadow of the City of London’s financial centre.

Linklaters, a leading global law firm, has made the donation to help spread the word about credit unions and affordable credit. The donation is part of Linklaters’ commitment to making a positive impact on the neighbourhoods they operate in and providing business support to marginalised communities in areas around their offices.

Speaking about the donation, Martin Groombridge, Manager at London Capital Credit Union (LCCU), said: “As a community based financial organisation we are always keen to work with others to help bring our services to more people in need of debt advice and affordable credit.

“We will be using this donation to promote the credit union to many more people in the communities in which we operate, helping to bring affordable financial services to those who need them and keeping people out of the clutches of payday lenders and loan sharks.”

Matt Sparkes, Global Head of Corporate Responsibility at Linklaters, said: “As a Living Wage employer, we recognise the importance of ensuring all of our people can maintain a good quality of life. Our investment in LCCU strengthens this commitment by enabling them and others to borrow at fair rates and with a lender who is focused on their wellbeing. We would urge other businesses to also show that they want the best for local people and so invest in this important initiative.”

To find out more about becoming a member of London Capital Credit Union, please visit www.credit-union.coop.