Half a million pounds distributed over Christmas by Lancashire Credit Union

It released nearly £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 has also given out almost £514,000 in Christmas loans this year, up from £60,000 at Christmas 2020 when locals borrowed a total of £453,000.

The increase in savings and loans was due to both a greater appetite for making the most of the holiday season and the growing presence of his team in the community, according to CLEVR co-director Anthony Brookes.

He said: “We have been delighted to see Christmas savings increase, showing that people have put aside more than ever to cover festive season expenses.

“And the increase in lending is also good because it means people who need to borrow are doing so with a responsible, reputable lender like us rather than payday loan companies or loan sharks.

“We have also worked very hard to remain visible in the community despite the closure of branches by Covid and the prevention of our face-to-face sessions with the community.

“These figures show that we have continued to serve our existing members successfully and have attracted new members through word of mouth and our online campaign, ensuring that members of our community can still access the fair and affordable loans that we give them.”

The prospect of a better Christmas than 2020 and worries about another lockdown have both boosted Christmas spending, Anthony said.

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

“And some families have more to spend just because they couldn’t go on vacation this year. Whatever the reason, the credit union is here to help people across our community with a great savings program. and access to fair and affordable loans.