Credit union has lent more than £1m since September

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A Caerphilly-based credit union has said it’s broken all lending records as it helps its members deal with the impact of the coronavirus pandemic.

Smart Money Cymru, which has offices in Caerphilly town centre, Blackwood and Tredegar, has lent more than £1m since September.

The not-for-profit organisation has recently expanded after merging with both Islwyn Credit Union and Plaid Cymru Credit Union this year.

Smart Money Cymru CEO Mark White believes the ability to make loan applications online has contributed to the increase in lending.

He said: “We take a more overall view of applications for loans than high street banks and other institutions. We have sound lending criteria, but tend to look at the whole position of the potential borrower, rather than simply information from credit reference agencies and a checklist of questions.

“People seem to prefer applying online and making this easier has certainly encouraged more people to take out Smart Money loans.”

He added: “Credit unions offer a much wider range of financial services than many people expect.”

The credit union marked its 30th anniversary this year, and is in the process of upgrading its IT systems to make for a faster experience for its 6,500 members.

As a not-for-profit organisation, a Credit Union does not pay out its profits to third party shareholders, but returns them to its members.