London Plus partnership: two years on and still going strong
It's been two years since we partnered with
London Plus Credit Union to offer Genesis residents and staff a way
to save and borrow money safely.
Regulated by the Financial Conduct Authority,
a Credit Union is like a community bank where people can get help
to manage their money and access low cost loans up to £7,500*.
Unlike ‘pay day’ and high cost loan companies, interest rates are
comparatively low and there are no penalties for paying back money
Despite the name, London Plus accepts all Genesis
customers, not just those that are London-based. Since the
partnership launched in April 2015, there are 200 Genesis members
with over £64,000 in savings and over £109,000 of loans
One such resident is Charlene** who has three
children aged 15, ten and four. Charlene found herself
struggling day to day to make ends meet, and however hard she tried
she never seemed to have enough money.
Last year things came to a head when Charlene
had some larger than usual expenses to provide for her
children. She had nowhere to turn but she realised that she
could approach London Plus for help. She borrowed about £900
and was able to consolidate her debts into one payment at an
interest rate that she could afford.
Charlene said: “My dream was to clear some
outstanding debts that I struggled to get rid of for some time.
[London Plus] not only help(ed) with an affordable loan, but I am
able to save and build at the same time. The staff are both
friendly and helpful. I'm always at ease and stress free while
dealing with the credit union.”
Charlene loves the ‘Save As You Borrow’ option
where she isn’t just paying back the loan but building up savings.
She is now ‘back in the black’.
“I would definitely recommend [London Plus],
whether it's for a cheaper rate loan or just the comfort of saving
for the unexpected!”
Cheryl Gale, CEO of London Plus, said: “Unlike
‘pay day’ loan companies or unofficial money lenders (‘loan
sharks’) which charge very high interest rates so that you often
end up paying back more than double what you borrowed, Credit
Unions are different. They are not out to make a profit (their
primary aim is to better the lives of members/customers) and most
can provide you with a loan at a repayment rate that you can
afford, even if you have limited income or no credit history.
“Many members divert their child benefit as a source of
repayment for loans or to build up some savings for Christmas.
“It’s quick and easy to become a member or
apply for a loan online.”
To find out more, call 020 7471 2620 or
go to www.londonpluscu.co.uk
*Depending on different loan products and
** Name has been changed.