BoE data: credit union loans at record high
New figures out this week from the Bank of England show that loans made to members of the UK’s 388 member-owned, not for profit credit unions stood at a record high of £1.92 billion in the third quarter of 2022. This was £51 million higher than the previous quarter and up £255 million compared with the same period in 2021.
The recent rise in the cost of borrowing combined with the withdrawal of short-term credit providers from the market has left many people short of choice when looking for affordable credit products.
Robert Kelly, CEO of Association of British Credit Unions (ABCUL) said: “It is encouraging to see that our sector continues to gather pace as more people from all walks of life trust credit unions as a place to save, as well as a great option for loans and a range of financial services. Credit unions will continue to serve communities and employers in these testing times through the provision of ethical and responsible products and services.”