1st Alliance (Ayrshire) Credit Union issues 200,000th loan
15 Jun 18
This week, 1st Alliance (Ayrshire) Credit Union was delighted to announce a significant milestone in their history, issuing their 200,000th loan.
The achievement brought their total amount of lending up to £15.5 million since being founded back in 2004. After a merger between Stevenson Credit Union and Kilwinning Credit Union they became 1st Alliance Credit Union.
1st Alliance has seen huge growth in the last financial year. Reporting on their finances, Account and Loan Officer Amanda McLaughlan, states that loans have increased by 34%, a growth of shares in membership of 16% and a membership growth of 8%.
Amanda is pleased with the last year and looks forward to continuing the great work of the credit union into next year, Amanda says: ““It has been a great year for the development of 1st Alliance Credit Union. We continue to grow as a fair and ethical alternative to high cost lenders in the community and what is most pleasing to us is to see that we have helped 200,000 borrowers since our beginning in 2004.
“We look forward to continuing our work giving back to the community and as always are forever grateful to our staff and volunteers who have committed a tremendous amount of dedication to our members over the years”.
The credit union has developed into an important financial service to its community and its development has improved vastly in the last few years. In 2015 they were awarded the 5* Fairbanking Mark from the Fairbanking Foundation for their personal loans because they have a tangible positive impact on consumers’ financial wellbeing.
Significant changes in the way 1st Alliance have processed a loan has undergone changed this year. The credit union has worked alongside Wellington IT, a core banking system that allows 1st alliance to process a loan completely paperless.