Being local makes such a difference
CLEVR Money is the local credit union for people living or working on the Fylde Coast and Preston.
We provide ethical and affordable loans to local people within our “Common Bond” area, helping to improve the lives of folk right here on our doorstep. Our “Common Bond” officially extends to all FY1-8 postcodes and PR1-5. So, if you live in or work for an organisation which is based in that catchment, you can become a member of CLEVR Money and benefit from everything we have to offer.
Credit unions grew out of the “Friendly Societies” a couple of hundred years ago.
Local savings and loans clubs then became increasingly popular in the 1960s. Friends or co workers, church groups or community organisers for example, would bring people together to save a few pounds a week for a rainy day and use that cash as loans for others who needed a little extra cash to tide them over.
That grass roots idea has evolved into something more official and properly regulated in the 2020s, but the underlying ethos remains the same; local people coming together to help each other out while also saving for themselves. And that’s why credit unions are arranged around “common" interests, such as workplaces or a small geographic area. Some are provided by employers for staff across the country, such as the Police Credit Union, but most are based around areas. Crucially the success of a credit union comes down to its members wanting to help out others in their community.
Savers putting a portion of their salary away every month could use a bank or building society if they wanted, but because they choose to use a credit union that money provides ethical and affordable loans directly to people within their own town or village.
They do that because they care about supporting people in their community, and believe in that shared “Common Bond”.
And every penny of that loan which is repaid, goes back into providing more loans and a small annual dividend for savers.
To find out how to save with a credit union or to get a fair and affordable loan contact clevr.money