• English
  • Welsh
Contact us
Call us 0333 2000 601
Login Register
Call us 0333 2000 601
  • About Us
    About Us FAQs
  • Loans
    Loans Personal Loan Family Loan Starter Loan Moneyworks Payroll Loan
  • Savings
    Savings Junior Savers Christmas Savers Moneyworks Payroll Saving
  • Our Services
    Our Services Mobile App Online Banking Engage Card Become a Payroll Partner Corporate Accounts Financial Wellbeing
  • Contact Us
    Contact Us Our HWBS News & Events
    Become a Member
    Online Banking
    • Login
    • Register
Contact us
  • English
  • Welsh
  • Home
  • Contact Us
  • News & Events
  • Credit Unions move in where high cost lenders move OUT!
Credit Unions move in where high cost lenders move OUT!

20 October 2020

Credit Unions move in where high cost lenders move OUT!

On International Credit Union Day (Thursday 15 October 2020), Credit Unions in Wales are celebrating a year of growth, moving into areas where high cost lenders have shutdown.

Over the last year, 15 new credit union branches and collection points have opened across Wales – the latest being Cambrian Credit Union which launches in the former Money Shop premises in Rhyl on International Credit Union Day itself.

General Manager of Cambrian Credit Union Ann Francis said: “We are incredibly excited to move in where the Money Shop failed. This new High Street office will help us expand affordable and ethical financial services to people in north Wales.

“Last year we saved our members around £2m in loan repayments, that’s money that stays in our communities. People really are better off with us.”

The move comes weeks after Cardiff & Vale Credit Union opened in Working Street (just off the Hayes) in the centre of the capital and Gateway Credit Union moved into a new office in Cwmbran. Both Cardiff & Vale and Gateway’s new offices are doors away from now defunct Brighthouse stores.

“We know that Covid-19 has hit people’s finances hard, and credit unions are focussed on helping to keep money in our communities across Wales,” CEO of Cardiff & Vale, Leanne Herberg said. “The money that is saved with a credit union is lent responsibly to others in the community at affordable rates. There are no external shareholders, so our focus is simply on providing the best services to our members.”

In Merthyr Tydfil, one credit union member has received an award for her part in opening a new collection point in Quaker’s Yard. Meryl Cullen, who was named Credit Unions of Wales, Volunteer of the Year, was once herself a victim of doorstep lenders and this spurred her on to bring ethical savings and loans to her community.

“I was using doorstep lenders and wanted to stop because their interest rates are astronomical,” she said. “I wanted to bring the credit union into our community centre to let other people to know that there’s another way.”

In west Wales, SaveEasy Credit Union won an Access to Financial Services Award after opening five new pop-up branches and collection points across Llanelli, Carmarthen and Pembroke Dock in just four months.

Meanwhile Celtic Credit Union opened a new branch in Port Talbot in the middle of the lockdown.

Across Wales around 80,000 people are members of a credit union and have £44m in savings and £25m in loans, an increase of around 25% over five years. Meanwhile, there are more than 150 payroll partners in Wales – employers that help their staff save or borrow with a credit union through direct from their salary.

Jane Hutt MS, Patron of Credit Unions of Wales said: “Credit unions across Wales have worked incredibly hard to increase accessibility to ethical and affordable financial services in these difficult times. From opening new offices to building the capacity of their online and telephone services, they are focused on expanding the reach of fair and ethical financial services.

“We all need help sometimes, especially during times of uncertainty and everyone should have access to fair and ethical financial support.”

The expansion comes as a combination of tightened Financial Conduct Authority regulations and compensation claims saw the demise of payday lenders and high cost rental stores including QuickQuid, Wonga, WageDay Advance, Sunny, the Money Shop and Brighthouse.

Back to News Share
Credit Unions move in where high cost lenders move OUT!

Related Articles

Join our Finance Team
02 May 2023

Join our Finance Team

Read More
AGM 2023
30 Jan 2023

AGM 2023

Read More
Cambrian celebrated for supporting residents
21 Oct 2022

Cambrian celebrated for supporting residents

Read More
Credit union champion helps make workforce financially secure
20 Oct 2022

Credit union champion helps make workforce financially secure

Read More
Natural Resources Wales becomes Payroll Partner
05 Jun 2022

Natural Resources Wales becomes Payroll Partner

Read More
Back to news

Rhyl Office

Address:
83 High Street, Rhyl, Denbighshire, LL18 1TR
Tel:
03332000601
Email:
info@cambriancu.com
Web:
www.cambriancu.com
Latitude:
53.32054
Longitude:
-3.48944
We're Open:
Monday 10:00 - 16:00
Tuesday 10:00 - 16:00
Wednesday 10:00 - 14:00
Thursday -
Friday 10:00 - 16:00

Llandudno Office

Address:
144 Conway Road, Llandudno Junction, Conwy, LL31 9ND
Tel:
03332000601
Email:
info@cambriancu.com
Web:
www.cambriancu.com
Latitude:
53.28316
Longitude:
-3.80393
We're Open:
Monday -
Tuesday -
Wednesday -
Thursday 10:00 - 16:00
Friday -

Kim Inspire The Hub

Address:
Kim Inspire The Hub, Park Ln, Holywell, CH8 7UR
Tel:
03332000601
Email:
info@cambriancu.com
Web:
www.cambriancu.com
Latitude:
53.27145
Longitude:
-3.22131
We're Open:
Monday 10:00 - 13:00
Tuesday 10:00 - 13:00
Wednesday -
Thursday 10:00 - 13:00
Friday 10:00 - 13:00

Our phone lines are open 10am – 2.00pm Monday – Friday

  • Like us On Facebook
  • Follow Us On Twitter
  • Follow Us LinkedIn
  • Find Us on Instagram

Cambrian Credit Union Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213672)

  • Help
  • T&C
  • Cookie Notice
  • Privacy Policy
  • Complaints Policy
  • Cambrian Credit Union Rules
  • Financial Statements
Cookie Notice