28 April 2021
Credit union aims to offer a financial helping hand to all
LET your money start giving you a feel-good factor by opening a savings account with locally based Boom Credit Union, who are helping to tackle social deprivation in Woking.
With a branch in Dartmouth Avenue, Sheerwater, Boom is a not-for-profit social co-operative owned and run by its customers to serve the people of Surrey and West Sussex. Its purpose is to promote financial inclusion within local communities. Boom believes everyone should have access to a current account and an affordable loan.
“People will always need to borrow money, and it feels good to enable the opportunity of a fair loan with savings attached, to those who may otherwise resort to quick turnaround loan companies,” said Boom employee, Catherine Illingworth, based in Woking. “It is very rewarding, steering people onto a straighter financial path and helping them to gain access to cheaper credit in the future, and to save for a rainy day.”
As a financial co-operative, Boom relies on the loyalty of its 9,000 members who deposit savings, large and small, so that Boom can in turn lend their money out to those who cannot find credit elsewhere. Total savings of £6.4 million enable Boom to lend to 2,000 of its members and at the same time encourage them to open their own small savings account. Boom has provided £1.1 million in loans specifically designed to support local families in receipt of Child benefit.
The credit union also extends a helping hand to the better off who meet a sudden unforeseen financial set-back – ill health, redundancy, short-time working and need to reduce their spending, by consolidating all their high-interest debt into one cheaper affordable loan.
“Boom helps keep money in the pockets of its borrowers and their families and out of the hands of unscrupulous lenders who may profit from hardship,” said Catherine. “If you are aware of groups or individuals within your community who need financial help and cannot find it, please do tell them about Boom Credit Union, their local community bank.”
She added that by joining Boom’s community of savers and helping to grow its pot of money, residents would make it possible for Boom to provide more loans for local people and families, helping them pay for unexpected emergencies and the things that matter. Savings up to £85,000 are 100% protected by the Financial Services Compensation Scheme (FSCS) and can be withdrawn whenever needed.
“We urge anyone who has built up savings during COVID which are now languishing in the bank earning very little interest to consider opening a saving account with Boom,” said Boom chairman, David Wright.
“It’s an ethical choice, 100% FSCS guaranteed, and you will have the satisfaction of knowing that your money will be used to help the less fortunate in who are struggling to find affordable credit at this difficult time. Boom is also well placed to declare its first dividend in 2021, which will benefit all our members.”
For more information, visit www.boomcu.com/Boom-Saver.
Credit: Woking News and Mail
