EdenSave Credit Union celebrates two milestones this month. Launched in 2013 it has now being successfully recruiting members across Eden for six months.
The six month milestone coincided with the 50th Anniversary of the launch of the first Credit Union in Britain. Credit unions have been putting their members first and providing them with the financial services they need since 1964. There are now nearly 400 Credit Unions in Britain which together provide responsible savings and loans to over 1 million people and look after over £1 billion in assets.
In a message being sent to all the EdenSave volunteers, Chairman Peter Ward said “The launch of EdenSave Credit Union has been a great success! We are now able to make a real difference to people’s lives by offering competitively priced loans to our members and non-members alike.
The amount of savings attracted so far allows us to offer a real and cheaper alternative to Pay Day loan companies, doorstep lenders and those charging high rates of interest for access to white goods. Our performance means we can look forward with confidence to the future of the Credit Union in Eden.”
The Eden Save Credit Union, launched at 34 Devonshire Arcade, Penrith on 1st October 2013, has since expanded with further offices now open in Alston, Appleby and Kirkby Stephen.
The lack of external shareholders means that interest earned on loans can be used to invest in the Credit Union and pay a dividend to savers.
Since the launch, hundreds of people who either live, or work, in the Eden district have signed up for membership and are saving with the Credit Union. Eden residents are also taking advantage of the range of competitive Loan products on offer.