THE amount of money loaned to members of a Bradford credit union has more than trebled as membership figures continue to grow, it can be revealed.
Loan balances at Bradford District Credit Union increased by 73 per cent, well above the credit union average of about seven per cent.
Chief executive Andrew Bowker hailed the increasing activity as good news, saying his organisation was doing more to help the "financially excluded" and those on low incomes.
He said: "We have also seen an increasing spread of members using the credit union loan services - members who took out loans this last year in the range between £500 and £2,000 increased to over 53 per cent of our borrowing population."
However, he sounded a note of caution as more loans can bring the risk of financial problems.
"When increased funds are lent there is a higher potential risk of members suffering financial difficulties and having issues with paying off the loans," he said.
"All the staff at the Bradford District Credit union are here to help members and we ask that if members have any concerns maintaining payments that they keep in contact with us and again we will help wherever possible."
Membership had risen by just under ten per cent, he told his organisation's annual meeting.
Share balances had risen by 15 per cent and junior deposits by 26 per cent.
Mr Bowker said a new savings scheme, which encourages children to save small, regular amounts of money had been a success at two pilot schools in Bradford.
"Last year we were fortunate to be one of three areas in the country to pilot a new scheme called Lifesavers launched by the Archbishop of Canterbury, initially for primary schools in the district. This has taken off very well in our pilot schools, Oxenhope and Lidget Green.
"My thanks to the staff at the schools for being so motivated and the support teams from the consultants and Church of England."
Mr Bowker said the credit union's product range continued to expand to help members in different ways.
"We became very busy in the last quarter of the year with the Christmas loan accounts and the Christmas savings account continues to give saving members a good source of funds ready for the next festive season.
"We now have a season ticket saver account and loan account which can be used for purchasing season tickets at football stadiums and other sports events.
"We have launched an improved pre-paid card called 'engage' that is only available for credit unions and will help and assist members especially those who are looking to open a budget account with us."
He thanked everyone involved in the credit union for their work in a "demanding year".
He added: "We have continued to see major changes this last financial year with the launch of the improved services and higher volumes of business.
"This coming year will probably see a levelling out of growth in some areas of the business due to the high activity in the last three years.
"We will continually and actively be looking at ways to increase our membership further and encourage savings so we are able to continue to offer loans to all ranges of members in the district."
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