Record year for local credit union with £9m in savings

IRVINESTOWN Credit Union gave out almost £3 million in local loans last year, and have seen a jump in its members’ savings to almost £9 million. 
The town’s credit union recently held its AGM and were it was announced 2018 had been a year of growth. 
Membership of the branch, which also provides the service for the surrounding areas, is now 3,540, with 180 new members joining over the past year. 
Members’ savings have also grown by over £700,000 to £8.7 million, while the loans granted to members increased by more than £338,000 to £2.9 million. 
This was helped by the branch’s new express loan service, where those with only minimal savings can borrow up to £1,000. 
Since the branch was formed in 1971 it has loaned almost £34.5 million to locals, with most borrowers spending their loans on cars or home improvements. 
Office manager said at last month’s AGM the directors not only proposed a share dividend of 0.75 percent, but have also proposed a loan interest rebate of 35 percent. 
In other words, anyone who was paying back a loan between October 2017 and September 2018 will now get £35 back for every £100 interest paid. 
Office manager John Lynch said it was a small payback to members. 
“This is a just reward for all the loyal borrowers and that, hopefully, more existing members and indeed more people in the area, generally, would consider the Credit Union as a flexible and affordable lender to borrow money from at a reasonable rate of interest,” he said. 

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