Wigan credit union joins consortium to offer helping hand during cost-of-living crisis
Unify Credit Union is part of the Sound Pound consortium, which has a new loan backed by Greater Manchester Combined Authority and launched by Greater Manchester Mayor Andy Burnham.
The Sound Pound loan is available between £200 and £1,000 and is open to anyone struggling to make ends meet who is new to credit unions.
Angela Fishwick, Unify’s chief executive, said: “With the cost-of-living crisis, we know there are many people living in our communities who usually get by okay but are now experiencing a real squeeze and are unsure where to turn for help.
“As credit unions, we can help and our new Sound Pound loan is our response to help local people get back on track and avoid any long-term impacts of inflation and rising household costs.
“Credit unions have existed in local communities across the UK for over 50 years and responsible lending is in our DNA. We work with individuals to help them through challenging times so that they can grow their financial resilience and kickstart savings habits for the long term, whatever their income level.”
Mr Burnham said: “Credit unions have a key role to play in the financial crisis that we all now face. I’m delighted to see them come together across Greater Manchester to provide a local and ethical alternative to the high-interest payday loan companies and loan sharks.”
All eight Greater Manchester community credit unions have signed up to the initiative. They are member-owned, not-for-profit financial co-operatives and deposits are covered by the Financial Services Compensation Scheme.