New research for ITV News shows not-for-profit Credit Union lenders are offering more lending as the cost of living escalates. Due to the Cost-of-living crisis, lending amount requests have increased as many people are unable to cover the cost of basic utility bills and rent.
Our findings also show an increasing number of people are borrowing to cover everyday basics like utility bills and rent.
Karen Bennett CBE CEO of Enterprise Credit Union says: “What we are finding now is that they’re calling on us and saying, ‘can I have my Christmas loan earlier because I need money to survive, you know, through this cost-of-living crisis”.
Cost-of-living crisis lending
BDCU has updated its loan policy and made it easier for members to get a loan suitable for them and offering top-up loans to those who are eligible, in these difficult times. New and existing members who want to borrow from us for loans between £200 to £15,000 can find the eligibility criteria here.
BDCU recently celebrated ‘International Credit Union Day’ by hosting a webinar, where they discussed tackling the cost-of-living crisis. You can read about our Bradford District Credit Union ‘Cost of Living Webinar’ here.
Our Christmas Loan
Following feedback from our members, we have decided to bring back our Christmas loan! We help our members to avoid falling for high-cost lenders by assuring them they can finance for Christmas without stress. This is for new and existing members who want to borrow from us. They can borrow up to £500 for our Christmas loan.
You can find out if you are eligible for our Christmas loan here.
The cost of living is rising and there are tough times ahead. Because of this, we’ve launched a new FREE money tips service. BDCU will provide regular tips on a range of subjects from budgeting to credit scoring and much more.
Saving during the Cost-of-living crisis can be difficult, why not read our money tips and sign up for more?