Wigan Credit union makes history with loan interest rebate
Unify continues to celebrate success in spite of the current financial climate, announced at its recent Annual General Meeting.
In recognition of the impact that people have felt on their personal finances, Unify has taken unprecedented measures to ensure its profits are passed back to the members who need it most.
A radical new proposal has been approved by the AGM to use profits from 2021/22 to fund a 10 per cent rebate for borrowers on the loan interest that they have paid. Meaning for every £100 paid in loan interest, people will receive £10 back as a rebate.
This is in addition to the approved one per cent dividend that Unify pay to people who save with them, doubled from the previous year.
Chief Executive of Unify, Angela Fishwick, said: “As a not-for-profit co-operative, we are proud to have delivered a dividend for our members every year for over two decades. This year we wanted to go further and I’m delighted that our members endorsed this new approach."
Between the rebate for borrowers and dividends for savers, Unify will pay out more than £219,000 to members across Wigan, Leigh, Skelmersdale, Chorley and Warrington.
Angela said: “Many people who borrow from us are facing a difficult time and this rebate on loan interest will put money back into the accounts of people who really need it.”
Chair of Unify, Pat Egan, praised the hard work of volunteers and staff of the members in delivering a successful year and encouraged everyone to spread the word about the benefits of saving and borrowing with a credit union.