Lender rises

Surge in borrowers sees CCU loan book top £25m

Marlene Shiels
Marlene Shiels: strong performance (pic: Terry Murden)

Capital Credit Union has announced its loan book has topped £25 million for the first time in its 35-year history.

Revealing half year figures, the Edinburgh-based ethical financial services provider said its loan book has risen 25% on the same period last year to stand at £25,608,192 as it appeals to those seeking alternative lenders.

Other highlights include a 10% increase in membership on 2023 and six new partnerships with employers.

CCU’s chief executive, Marlene Shiels, said: “This has been a really strong performance over the last six months and our figures are impressive.

“There is no doubt we are benefiting from an increased awareness of credit unions and the ethical services they provide, allied to a competitive portfolio of loans, mortgage and savings products.

“We’re seen as a credible alternative to mainstream banks and have attracted over 2,500 new members in the last six months alone.

“We’ve also signed up new partnerships with employers such as the University of Edinburgh, National Galleries of Scotland and Alzheimer Scotland offering their staff added benefits and privileged access to our products. We now have links with 91 businesses.”

CCU’s results include a record month of lending in February this year, when it issued almost £1.1 million of loans, an increase of 36% on the same month in 2023. It now has almost £35 million of members’ savings on deposit.

Ms Shiels added: “Going forward we would like to see an increase in the number of people saving with us to help them achieve a level of financial resilience. Recent research and surveys highlight alarmingly poor figures with half of all people under 35 having no savings at all.”

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