Moray Firth Credit Union has £1million available to lend its members
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A savings and loans cooperative founded in Forres has £1million available to lend to members.
The eye-catching figure is part of a new campaign to encourage more people to join Moray Firth Credit Union (MFCU) and benefit from its ethical, affordable loans.
Chairwoman and director, Lorna Creswell, explained loans can be made up to £15,000 (on top of savings providing the credit check is acceptable) from only 10.47 per cent APR representative – and repayments can be made for up to four years.
She said: “The idea for highlighting the funds we have available to loan came from a similar large window advert in another credit union I spotted in Aberdeen. Our loan repayments are based on a decreasing balance so they’re more affordable than banks and building societies. Interest accrued from the loans we provide covers utilities and staff costs, however, if there is a big enough surplus at the end of the financial year, we can pay members a dividend on their savings.”
Finance administrator Jackie Douglas confirmed that, if members have difficulty in making regular loan repayments, they are welcome to talk to a friendly membership services team.
She said: “We are an affordable alternative to high street banks and pay day lenders. Borrowing from MFCU allows us to continue our service and support members across Moray and Nairn. Our loans are assessed on an individual basis so no matter your circumstances, we may be able to help.”
MFCU is based at 53 High Street, Forres but also has branches in Elgin and Buckie. Staff help customers with money management, form filling, financial jargon and online transactions.
Ms Creswell added: “We are looking to open in Keith soon.”
Visit https://www.morayfirthcreditunion.co.uk/ for more information.
