£38 million granted for credit union project - Loans - News - Moneyfacts


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

£38 million granted for credit union project

£38 million granted for credit union project

Category: Loans

Updated: 18/04/2013
First Published: 18/04/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Minister for Welfare Reform, Lord Freud, has announced the Association of British Credit Unions Limited (ABCUL) will deliver a project to help credit unions to provide financial services to over a million people in the UK.

The £38 million Credit Union Expansion Project will allow credit unions to offer financial products such as current accounts, cash ISAs and innovative bank accounts to consumers as part of a "modernised and expanded service".

The Department for Works and Pensions (DWP) claimed the project could ultimately save consumers £1 billion in loan repayments by 2019, by offering affordable loans and debt advice as alternatives to high interest payday loans.

Mark Lyonette, chief executive of the ABCUL, said improved levels of service would attract higher numbers of people using their financial products.

"More credit unions will offer a wider range of products including current accounts, Cash ISAs and innovative budgeting accounts," he said.

"The centralisation and streamlining of day to day tasks and the introduction of innovative modern access channels will make credit unions a much more attractive proposition to many more people and secure a solid future for the sector."

What next?

Find the best loan for you - Loans Calculator
Find out how to choose the best bank account by reading our guides to help you open and manage your bank account.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Blue Monday hits nation’s finances

Today has been dubbed Blue Monday – the most depressing day of the year – and considering how many people could be battling with their finances this month, it’s little wonder.

Calls to make the loans market clearer

At first glance the personal loans market may seem simple enough, but get into the nitty gritty and it can be anything but. As a result, some are calling for action to make the market clearer and fairer for all.

Get the cheapest ever personal loan!

Have you woken up with a financial hangover after the festivities? Perhaps you’ve got big plans for the year ahead, or maybe you need a new car? Well, whatever your reasons for needing a loan, you can now snap one up for the cheapest ever rate!