Central Liverpool Credit Union is very excited to be a finalist in the Consumer Credit Awards, “Treating Customers Fairly Champion”.
We hope that by reading more about our approach to ensuring great outcomes for our members, you’ll cast your vote in our favour by clicking here. Every vote cast is entered into a prize draw to win £1,000!
We’re all members
It’s natural for us to be focused on the needs of our members. We treat them fairly because that means treating ourselves fairly. That’s because all staff, volunteers and Directors are members. Saving and borrowing on the same terms as everyone else.
The people running CLCU are from the communities we serve. Looking after our members is looking after ourselves and neighbours.
Understanding the interests of members
Lived experience has helped CLCU understand the needs of members. And we are always listening. We conduct regular surveys, but most importantly we have thousands of one to one discussions with members, providing constant feedback.
We analyse data and wider economic trends. All of this helps us adjust our savings and loan products accordingly.
Everyone has unique needs
Everyone is different. Because of this, we spend time with members helping to understand their unique needs. This includes working out disposable income honestly and accurately to ensure loans are affordable.
It also includes helping with a family emergency, insurance claims and, of course Covid-19.
Since lockdown an estimated 80% of borrowers have used some of their loan to meet Coronavirus related expenses. 9 in 10 of these loans have gone to people living in the top 10% poorest areas in the country. Read more in our Covid-19 Impact Report.
Those needs can change
We listen to members sympathetically there’s a change in circumstances. We change agreements, helping members struggling to repay. Since Coronavirus this includes payment holidays.
Financial health is a top priority
The Credit Union encourages people to save as they borrow. We asked 250 members about their number one money goal. Almost without exception it was to save more. CLCU believes that building a safety net is the best way to improve financial wellbeing. We go a step further by rewarding regular savers with reduced interest rates on loans.
Once a member has been with the Credit Union for 2 years, their savings to loan ratio is 20p for every £1 borrowed. Members with five years’ membership have 45p in savings for every £1 borrowed.
We provide regular money tips to improve financial literacy and education. These are read by more than 100s of people every month.
From early autumn, we will be rolling out a new mobile app built for the Affordable Credit Challenge. This provides unsuccessful loan applicants with precise advice to turn their application into an accept. The app shares a view of financial health with our members, so they can improve their financial well-being over time.
Vote for us
Winning this nomination will provide a great boost to our work as we celebrate more than three decades of service in Liverpool.
Last summer we were one of only 15 credit unions to be selected to provide a Prize Saver account. In winter we were a finalist in the Affordable Credit Challenge. In May our work supporting members during Coronavirus was recognised with a grant from Fair4All Finance.