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Credit union saves residents over £1million

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Residents and workers in Dudley borough have saved a total of £1million in interest payments over the past year by borrowing money through Castle and Crystal.

The Dudley Council led credit union provides not for profit services including affordable loans and secure saving for people who live or work in Dudley borough.

From October 2019 to September 2020, the union approved £1.5million loans and this will have saved people over £1million compared to if they had gone elsewhere.

The union provides loans to people who may not have been able to get credit safely elsewhere and offers a lifeline to some families during the pandemic.

There are ongoing concerns about loan sharks taking advantage of the pandemic and residents who are looking for a safe and low-cost loan are encouraged to get in touch with the credit union for advice and support.

Councillor Nicolas Barlow, cabinet member for health and wellbeing, said:

Castle and Crystal is a not for profit credit union, which helps our residents to access good value loans and secure savings.
The union is exclusively available to people who live or work in Dudley borough and it offers people a cheap and safe alternative to other loans.
People who are considering a loan can contact the union to find out about the services offered at www.castleandcrystal.co.uk.

People concerned about debt and their financial situation can find out more on the council website

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