£20m loans milestone for CLEVR Money - the credit union for Blackpool, Fylde, Wyre, Preston and Lancaster

CLEVR Money, the not-for-profit credit union for Blackpool, Fylde, Wyre, Preston and Lancaster, has issued more than 23,000 loans – totalling £20m – to the community since it was launched in 2009.

Loans have ranged from £250 to £15,000 to help local people with their finances.

Anthony Brookes, loans manager at CLEVR Money, said reaching the £20m milestone in 2022 was an important moment for the credit union as he urges people to get in touch if they are struggling financially.

He said: “Hitting this £20million milestone is huge for the people of our community. It’s £20m in the pockets of normal people. It’s money which prevents them from using a doorstep lender, a PayDay loan or even a loan shark.

“Our loans let people pay for what they need right now, and pay it back responsibly without fear of it spiralling and ruining their lives.

"For anyone thinking of borrowing from an unregulated lender - whether that’s someone down the pub or at the school gates - please stop and think about it, and come and speak to us first!”

The credit union is a not-for-profit organisation which exists to help local people avoid bad debt. Interest rates on the loans are capped to ensure they are fair and affordable for people to pay back. And any money made is reinvested back into the business to help yet more people, with any surplus shared out between members annually as a dividend.

CLEVR Money has seen the number of loan applications and the amount it issues double over the last three years as awareness of the credit union grows and people increasingly find the need for short-term small loans when an unexpected cost arises.

Anthony added: “People have been stretching their money for a long time as neither wages or benefits have increased in line with real life costs. While most of our members are people in employment, folk are feeling the pinch and applying for smaller sums to tide them over. Without us they could be using a PayDay loan or even a loan shark which, unfortunately, can see debt spiral and leave them worse off each month.

“Because we’re focused on avoiding bad debt, our loans are designed to help people get straight with their finances rather than just meet that short term need. We know how those loans make a real difference in people’s lives and everyone who saves with us should be incredibly proud of the part they have played in helping to make that support possible.”

A credit union is a community savings and loan cooperative. People come together to save money which is then loaned out to local people who need it. As that money is paid back with a small interest rate, the profit is ploughed back into the business to ensure it can continue to help others.Anyone who lives or works in the local credit union’s “common bond” area can join CLEVR Money and open a savings account. Visit www.CLEVR.Money or email [email protected]