Image: LCCU Cheif Executive Martin Groombridge (launching their new mobile phone text service)
London Capital Credit Union has welcomed the latest figures from the Bank of England which show that credit unions have grown dramatically over the last decade.
While the most recent figures from 362 credit unions show credit union membership and lending have more than doubled over the past ten years, figures at London Capital show a thirty-fold increase in members, from 321 to 10,062.
Over the last ten years, London Capital Credit Union has also seen a 1400% increase in members’ savings from £436,000 to over £6 million.
The latest Bank of England figures are great news for British credit unions,” says Martin Groombridge, Chief Executive of London Capital Credit Union. “Since the first credit union was set up in Britain over 50 years ago, the sector has continued to thrive and it is good to see that growth has gathered pace in the last ten years.
“As our figures show, London Capital is one of the credit unions leading the charge and we are so proud to be delivering affordable financial services to thousands of Londoners.”
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.
Across England, Scotland and Wales there are now over 1,173,200 people with credit union accounts.
As a co-operative, London Capital Credit Union is owned and controlled by its members – not outside shareholders. Members of the credit union can find out more about how their organisation has performed over the past year by attending the AGM which takes place on Tuesday 3rd March 2015, starting at 6.30pm in the Peel Centre, Great Percy Street, WC1X 9EY.
Find out more at www.credit-union.coop.