Credit Builder Loan & Competition Time!

Credit Builder Loan & Competition Time!

Win £100 with Riverside Credit Union!

You may have noticed that we are applauding the fact that as an organisation we’re 30 years old?

Yes, we’ve gone a bit bonkers on social media trying to spread the rhapsody. Seems a bit shouty, to an old git like me but I’m informed by my betters that’s what you do nowadays!

So, over the next 30 weeks a draw will be made each Friday and a lucky member will win £100.  I’m told that’s “Twitter worthy” ???? so it’s free to enter via social media! See our Facebook and Twitter for details. 

The drawn name will be made using a random number generator so, good luck to everyone who takes part. The winner will be announced on Twitter and Facebook each Friday lunch time. Check out our Competition Terms and Conditions and then make sure you enter!

Credit Builder Loan

As you know during these last 30 years, we have helped thousands of families and individuals to steady their finances by providing loans and a safe savings facility. This year we are introducing our new “Credit Builder Loan”. We are going back to our roots; true we never really departed from our raison d’être, but I liked the sound of the phrase.

There are some specific differences in the new loan product. It isn’t intended to simply cover an immediate need for funds, but is part of a bigger process to educate new would-be members in managing their finances better and improving their options in the longer term.

We think it fits well with the objectives of a credit union as outlined in the Credit Union Act 1979, particularly:

(a)  the promotion of thrift among the members of the society by the accumulation of their savings;

(b)  the creation of sources of credit for the benefit of the members of the society at a fair and reasonable rate of interest;

(c)  the use and control of the members’ savings for their mutual benefit; and

(d)  the training and education of the members in the wise use of money and in the management of their financial affairs.

We have launched a small trial with young people leaving care. This particular group have no “bank of mum and dad” and many face a set of unique challenges as they step into adulthood. We want to offer some bespoke assistance and are working with Liverpool City Council’s “Aftercare Team” to offer support and a path to financial independence. We know that they are not our communities only vulnerable members so the “Credit Builder Loan” will be available to others who want to create a positive credit file or repair an impaired one. Terms and Conditions apply, you can read more here.

By the way – Good luck in the birthday draw everyone.

Speak soon,

Mike Knight