Half a million pounds handed out over Christmas by Lancashire credit union

It released almost £130,000 from members’ Christmas savings accounts in November, up £11,000 from last year, showing people had saved more for the festive season.

It also handed out almost £514,000 in Christmas loans this year, up £60,000 on Christmas 2020 when locals borrowed a total of £453,000.

The increase in both savings and loans was down to both a greater appetite to make the most of the festive season, and his team’s growing presence in the community, according to CLEVR co-manager Anthony Brookes.

He said: “We were delighted to see the Christmas Savings increase, showing people have put away more than ever before to cover the expenses of the festive season.

“And the increase in loans is also good as it means people who have to borrow, are doing so with a responsible and reputable lender like ourselves rather than payday loans companies or loan sharks.

“We’ve also worked really hard to stay visible in the community despite Covid shutting the branch doors and preventing our community face-to-face sessions.

"These figures show we have successfully continued to serve our existing members and have attracted new members via word of mouth recommendation and our online campaign, ensuring people in our community can still access the fair and affordable loans we provide just for them.”

The prospect of a better Christmas than 2020, and concerns about another lockdown both spurred Christmas spending said Anthony.

He said: “Some people were spending more to make up for lost time, while others are buying bigger gifts to make up for not being able to see people.

"And some families have more to spend simply because they’ve not been able to go on holiday this year. Whatever the reason, the credit union is here to help support people right across our community with a great savings scheme and access to fair and affordable loans.”