Leeds Credit Union saves customers £3m in high interest payments

Leeds Credit Union saved customers from shelling out more than £3m in high interest payments in the run up to Christmas.

Its festive campaign promoted its low interest loan and provided people with additional information illustrating the perils of sky-high APRs at a time when such unscrupulous lenders were targeting some of Leeds’ worst hit postcodes.

While the ongoing pandemic and ever changing lockdown restrictions meant Christmas 2020 was a time of anxiety for many, the credit union helped people avoid taking out high interest loans from unethical loan sharks and payday or doorstep lenders. The results show it saved the local community £3.13million in high interest payments.

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A survey conducted amongst the union’s 37,000 members in December last year showed that more than 20 per cent were reliant on borrowing or credit to pay for Christmas - making the campaign even more important for thousands of households.

Managing director Chris Smyth said: “Undeniably, we are living in a time of never before seen uncertainty, with many finding themselves in unexpected financial difficulties. It has never been more important that as a Credit Union, we step up and ensure as many people as possible across the region have access to affordable and ethical borrowing, and that they are kept away from those looking to take advantage of the situation.”

Leeds Credit Union, which was named as the region’s best lender in 2020, is a financial cooperative set up to give member’s access to affordable loans at a fair rate of interest and competitive savings plans.

Visit www.leedscreditunion.co.uk for more information.

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