As part of its responsibility to only provide loans responsibly, and only lending to those who will be able to repay, Castle & Minster Credit Union has recently changed the criteria members must meet before applying for a loan. The credit union is owned by members and relies on the savings they make to lend to other members. We are a savings and loans organisation. We encourage our members to save regularly and plan for their future finances over the long term. In the current difficult economic climate, we have to be even more careful about protecting savings as well as lending responsibly to hard pressed members. We have to make sure we cover all our costs in lending money and in providing our other services. This is the only way we can continue to provide security and value for money for our members for the difficult years to come.
Tony Hood, Chair of Board of Directors said: "We have had to change our rules about loans, especially our smaller so-called 'top-up' loans and we are requiring more demanding credit assessments. Regrettably, this will mean disappointment for some members who may have expected to to be able to borrow from us.
"We are still offering some keen terms for our loans, so members and others should look out for some good offers over the coming weeks.
"If you become a regular saver, the borrowing terms can get even better.
"Castle and Minster Credit Union is here to provide sustainable and ethically based financial services for its members."
Members enquiring about a loan can view the new loan criteria by visiting www.castleandminster.co.uk
For further information please contact Castle & Minster Credit Union, T: 01484 221294, E: info@castleandminster.co.uk