Demand Increases for Services of Local Lender

2nd December 2015

Sheffield Credit Union set for bumper Christmas after record November A local not-for-profit lender is experiencing a deluge of loan applications, as Sheffield residents prepare for their Christmas spending sprees.

Hundreds of people are turning to Sheffield Credit Union as an affordable way to finance their Christmas must-haves. Nearly 200 people joined the Credit Union in November, adding to thousands of existing members who rely on a little help spreading the cost of Christmas. The Credit Union offer a range of financial solutions from Christmas Saver accounts, to personal loans of £100 to £5,000. And it is with the small value personal loans that the Credit Union has seen demand grow this winter. The total value of loans issued by the member owned organisation in November was its highest in their 11 year history. Experienced loan underwriter Sarah Horsfield explained -we received our first Christmas loan application in July this year. As a parent myself, I know that there is a lot of pressure on parents to make Christmas really special. A lot of our members are planning their Christmas months in advance. We try to make it as easy and affordable as we can for our members, as we understand the stresses they are under. General Manager Jackie Hallewell offered insight into why people chose the Credit Union to help spread the cost of Christmas. -For most people it is because we are different we have real people making the loans decisions, we only use computers to help speed up the process, but the final decision is always made by a human. We will only lend if the loan is affordable, and also offer what we believe are the best rates available in the city. Our small loans of up to £1,000 have always been great value, but we have developed our products to offer loans of up to £5,000 too, where our interest rates are lower than at the high street banks. -Our staff team will always recommend the products which are cheapest for the member, and we try to move people to our cheapest loans and where possible offer incentives to encourage members to save for known expenses such as Christmas. We are fortunate that we don't operate a business where staff earn commission, so they are free to make pure decisions which are focussed on the interests of our members and the organisation as a whole. Sheffield Credit Union offers its services to anybody living or working in the Sheffield City Region. You just need to sign up as a member to take advantage of their range of savings and loans products which are available in person from its offices on Commercial Street or online at www.sheffieldcreditunion.com.