Western Isles Credit Union Celebrate

Just 36 months after it first opened its doors, Western Isles Credit Union has loaned more than one million pounds to its members.

The Credit Union offers loans from £100 to £7,000 at competitive rates from as low as 12.7% APR and can be a more affordable source of credit than the traditional lenders on the islands, particularly catalogues, store cards and credit cards.

David Mackay, General Manager of Western Isles Credit Union, said:
“I am delighted that the Credit Union has reached this fantastic milestone in such a short period of time.

Considering it’s our members’ savings that are used to provide loans, this demonstrates the difference that can be made by the people in our communities working together to help each other.

The Credit Union is now an integral part of our communities and without it many of our members would be dependent on much higher cost lenders”.

The Credit Union sector is particularly vibrant in Scotland with 113 Credit Unions and 250,000 members.

Western Isles Credit Union is one of the youngest Credit Unions in the country and already has 1200 members which is half-way towards its long term aspiration for 1 in 10 residents of the Western Isles to be members.

Western Isles Credit Union is a member-owned financial co-operative which offers a genuine ethical alternative to High Street Banks. It provides a range of savings products and competitive affordable credit to anyone who lives or works in the Western Isles.

Hebrides Today brings you the latest news from the Western Isles