Residents and workers in Dudley borough and beyond have saved £1 million in interest payments over the last year by borrowing money through Castle & Crystal.
The Dudley Council-led credit union provides not-for-profit services including affordable loans and secure savings for employees and residents in Dudley borough and the wider west midlands.
From October 2020 to September 2021, the union approved £1.6million loans. This saved people more than £1m compared to if they had gone elsewhere.
The union provides affordable loans to people as an alternative to high street banks and has offered a lifeline to some families during the pandemic. Councillor Nicolas Barlow, cabinet member for public health, said:
"We have helped thousands of residents to save money with our safe, low interest loans and thousands more safely save with us every year for Christmas, holidays, home improvements and weddings.
"There are ongoing concerns about loan sharks taking advantage of people in financial need. Residents who are looking for a safe and low-cost loan should get in touch with the credit union for safe advice and support."
Castle and Crystal Credit Union provides financial support through many products, from secure savings and prepaid debit cards with cash back rewards, to affordable loans with flexible repayment plans.
To enquire about a loan, or saving with the credit union, visit castleandcrystal.co.uk.