Credit unions on the rise as membership passes 2 million

Figures show growing popularity of a movement no longer just for poor people

New figures have shown that credit unions, long touted as offering a vital alternative to payday lenders, are on the rise.

Despite support from many quarters, credit unions have remained relatively low-key in the UK. However, official figures from the Bank of England released on Friday reveal that the UK’s credit union membership has passed the 2 million mark for the first time.

Campaigners will be hoping this is a tipping point for the movement, which has won the endorsement of everyone from the Duchess of Cornwall, who signed up to the London Mutual Credit Union on an official visit to its office, to the former Dragons’ Den star Theo Paphitis, who revealed last year that he and his companies had invested a six-figure sum in a credit union called retailCURe for retail workers.

Click here to read the full article from the Guardian

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