Tag Archives: London

Nine out of ten members rate London Capital Credit Union

Eight in ten credit union members nationally are satisfied with the services offered, while in north London, London Capital Credit Union sees nine out of ten members rating its financial services as ‘very high’.

LCCU logo

The largest ever survey of credit union customers, published by Financial Inclusion Centre, found that 81% of members across the country were extremely satisfied or very satisfied with their credit union, while 84% said they would recommend a friend or family member. This compares to a recent Which? survey showing that mainstream banks’ average overall customer satisfaction score was only 68%.

Islington-based London Capital Credit Union is one of the largest and fastest growing credit unions in the capital, with over 15,000 members and outstanding lending of nearly £12 million. As a not-for-profit co-operative, London Capital Credit Union provides savings and low cost loans to people living, working or studying in Barnet, Camden, City of London, Hackney, Haringey and Islington.

Financial Inclusion Centre research also demonstrated just how important the broad range of financial services being delivered by these not-for-profit financial providers are, with the majority of respondents using their credit union as an affordable and fair source of borrowing – giving them an invaluable alternative to high-cost credit such as payday loans, rent-to-own firms and door-step lenders.

Credit unions work hard to help their members understand financial issues and members are shown to score well compared to the general population on a range of financial capability measures, saying they feel they have their finances under control and are confident in dealing with money matters.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “The findings of the largest ever credit union customer satisfaction survey back up what we see at London Capital Credit Union and show that most members are extremely satisfied with the services provided.

“With the current pressures on household finances, credit unions such as ours provide an essential lifeline for many, offering affordable loans in time of need and supporting people to develop a saving habit. At London Capital Credit Union, we believe it is important to help people make the most of their finances and this survey shows the hugely positive contribution that credit unions make to our communities.”

Mick McAteer, Co-Director of Financial Inclusion Centre, added: “These results are very encouraging and go to show that credit unions are highly regarded by those that use them, with higher satisfaction rates than mainstream banks.”

 A copy of the report, ‘An Insight into Credit Union Membership’, can be found here.

Credit union calls for volunteers

London Capital Credit Union is looking for volunteers to help deal with the ever increasing number of member enquiries.

Volunteering graphic

The credit union is a not for profit savings and loans co-operative based near Archway tube station in London, which is dedicated to encouraging people to save rather than borrow, while also providing low cost loans when needed. They are looking for additional volunteers to help their busy team assist with enquiries from members.

Volunteers need to have certain skills and capabilities, including being good with numbers, competent in basic spoken English, honest, reliable, friendly and outgoing. In return, the credit union will provide experience and training including in customer service, effective telephone use, using computers and different software packages and effective office management.

Volunteering with the credit union can provide many benefits, including a ‘feel good factor’ of knowing you are helping people, excellent work experience in financial services, experience of working in a busy commercial environment and access to training and improved employment opportunities.

Martin Groombridge, London Capital Credit Union Chief Executive, said: “As a financial co-operative, which is owned and run by our members, the credit union relies on the support and dedication of a team of volunteers working alongside our small staff of paid employees. A number of additional volunteers are now being sought to assist with the increase in our business as we help more and more people manage their money.

“Although the positions are unpaid, they offer several benefits, including meeting new people and making friends while working in a supportive and friendly team, gaining direct experience of the financial services industry, strengthening your CV and helping to benefit the community.”

To find out more about volunteering with the credit union click here, or call them on 020 7561 1786 for an informal, no obligation discussion.

International recognition for Islington Council and London Capital Credit Union

Islington Council’s work in support of its local credit union has gained international recognition as it hosted a group of senior managers from Singapore.

Singapore Visit

The photo shows (from left to right): Ms Dolly Goh, Chief Executive of the Singapore National Co-operative Federation, Cllr Richard Watts, Leader of Islington Council, and Martin Groombridge, Chief Executive of London Capital Credit Union.

The group from the Singapore National Co-operative Federation was greeted by the Leader of Islington Council, Councillor Richard Watts, at Islington Town Hall, before visiting the offices of the credit union in Archway.

The delegation met with representatives from Islington Council and London Capital Credit Union at the Town Hall and heard how the council had supported London Capital Credit Union to become the success it now is and how this benefits residents across the borough.

The group then visited the credit union to speak directly with members and staff about the credit union’s mission and the way it encourages saving and responsible lending to residents in Islington and beyond.

Cllr Watts said: “These are difficult times for hard pressed families in Islington and beyond, as many people deal with the rising cost of living.

“Multiple loans from payday lenders are a pathway to deeper poverty, and the council has taken action to support residents to avoid getting into problem debt.

“Part of this work has been to support London Capital Credit Union, as an accessible and affordable way for people to deal with their finances.

“I am very pleased to be supporting this organisation and the excellent work it does in Islington.”

Islington Council supported London Capital Credit Union with a one-off grant of £250,000 and provides annual revenue support funding of £25,000.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “Credit unions are an ethical alternative to banks and other high street lenders and their way of working is designed to benefit all members.

“We are always pleased to be able to share our knowledge with others around the world and we enjoyed meeting the delegation from Singapore and welcoming them to London, and to Islington in particular.”

Credit unions in Britain have been growing consistently over the past few years as they become better known and they now have almost 1.3 million members across the country.

Added Martin Groombridge: “Over the last ten years, London Capital Credit Union has seen a huge 1,400% increase in members’ savings from £436,000 to over £6 million. And as a co-operative, we are proud that London Capital Credit Union is owned and controlled by its members – not outside shareholders.”

Find out more at www.credit-union.coop.