Membership growth and loan increase for Norwich Credit Union.
05 Apr 18
After improving their online systems and opening more service points in their area, the credit union has seen an increase of membership growth and loan applications.
Norwich Credit Union membership has increased by 20% and the amount borrowed by members has increased by 10%, with figures showing of a rise from £251,000 to £308,000 in 2016-2017.
The credit union will be leaving there base at Age UK which has been home to them for the last five years and will relocate to new premises which will be much more accessible form members in Norwich city centre and will give the credit union a whole ground floor to themselves.
Norwich Credit Union President, Jon Warne expressed his excitement for the credit unions future, he said: “We’re very excited to begin the new phase of our development. We have valued our five year partnership with AGE- UK and now we look forward to new growth in our new in Exchange Street.”
In the first few months of the financial year, membership grew to 900 people. The credit union has recently upgraded their online services, so members can apply for loans online. Members can now also use pre-paid cards for online shopping and in convenience stores and post offices. Jon Warne said: “Our service points in Norwich, Dereham and Great Yarmouth are gaining momentum. We are now seeing a demand for our savings and online loan applications”.
Due to the increase in membership and loans, the credit union is now looking for new volunteers to support its expansion.
Norwich Credit Union also recently welcomed the study by the Financial Inclusion Centre which stated that 81% of credit union members were very satisfied with their service and that 84% would recommend it to friends and family. Jon Warne isn’t surprised at this report, because a lot of people are joining the credit union through recommendations. Jon said: “This is great to hear and actually doesn’t surprise us. At least half our current members joined on the strength of a personal recommendation from a family, friend or colleague.”