£20m loans milestone for CLEVR Money - the credit union for Blackpool, Fylde, Wyre, Preston and Lancaster

CLEVR Money, the not-for-profit credit union for Blackpool, Fylde, Wyre, Preston and Lancaster, has issued more than 23,000 loans – totalling £20m – to the community since it was launched in 2009.

Loans have ranged from £250 to £15,000 to help local people with their finances.

Anthony Brookes, loans manager at CLEVR Money, said reaching the £20m milestone in 2022 was an important moment for the credit union as he urges people to get in touch if they are struggling financially.

He said: “Hitting this £20million milestone is huge for the people of our community. It’s £20m in the pockets of normal people. It’s money which prevents them from using a doorstep lender, a PayDay loan or even a loan shark.

“Our loans let people pay for what they need right now, and pay it back responsibly without fear of it spiralling and ruining their lives.

"For anyone thinking of borrowing from an unregulated lender - whether that’s someone down the pub or at the school gates - please stop and think about it, and come and speak to us first!”

The credit union is a not-for-profit organisation which exists to help local people avoid bad debt. Interest rates on the loans are capped to ensure they are fair and affordable for people to pay back. And any money made is reinvested back into the business to help yet more people, with any surplus shared out between members annually as a dividend.