CANNY credit union members were able to celebrate the festive period without having to take out another loan.
Those who requested Christmas loans in 2011 and paid them off over the year, but carried on saving during that time with the Northumberland Credit Union, found they had enough money saved to avoid asking for further money in December.
Members withdrew more than £8,000 of savings in the run-up to Christmas. Meanwhile, more than £29,000 was lent out by the organisation in November.
Chairman of Northumberland Credit Union Nic Best said: “We don’t do credit checks. We just encourage people to save and if they show us they can save, say £5 a week, regularly, we’ll give them a loan with repayments of up to £5 a week whatever their credit rating and encourage them to continue saving.
“This enables people to build up an ‘internal credit rating’ with the credit union.
“We charge just one per cent on the outstanding balance each month and there’s no penalty for early repayment.”
For more information about the Northumberland Credit Union, leave a message at 01670 503666, email firstname.lastname@example.org or visit www.ncul.co.uk