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Affordable Personal Credit. Irene Smith Nottingham Credit Union [email protected] About Nottingham Credit Union. Community Credit Union 6000 Adult members & 1000 Juniors Countywide common bond + 2 Housing Associations £1.5 million in shares £1.4 million in loans

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affordable personal credit

Affordable Personal Credit

Irene Smith

Nottingham Credit Union

[email protected]

about nottingham credit union
About Nottingham Credit Union
  • Community Credit Union
  • 6000 Adult members & 1000 Juniors
  • Countywide common bond + 2 Housing Associations
  • £1.5 million in shares
  • £1.4 million in loans
  • Primarily Growth Fund business
  • 500 payroll members
  • 3 Shops
why work with co op electrical
Why Work with Co-op Electrical?
  • To offer our members a viable alternative to BrightHouse, Perfect Homes and other high cost ways of buying goods.
  • To put more money back in our local economies.
  • Part of an education process that there are alternatives for people who can’t get mainstream credit
  • As an income stream – other members buying goods through your website
  • Local Authorities, Housing Providers and other partners are interested in the scheme, particular product bundles
  • The Co-op is a natural fit for credit unions
the credit union perspective
The Credit Union Perspective


  • Partnership working
  • Save money for members
  • Another marketing tool
  • Income from commission


  • Category A Licence required
  • Additional paperwork required
  • Ordering the goods for the member takes time and often they order goods no longer available
how to deal with the threats
How to deal with the Threats
  • ABCUL have provided a good set of guidance notes
  • Category A Licence is simple to apply for on line but there can be issues of not understanding credit unions
  • The paperwork is lengthy and not customer friendly – it might not be so onerous if we can get in integrated into our software.
  • Ordering – we would like to look at improving the efficiency on ordering
what are our plans
What are our plans
  • Work out a way to make the paperwork simpler
  • Try to get some life size publicity for our shops
  • Training for our staff and volunteers
  • Encourage our ethical members to look at Co-op Electrical through our website
  • Promote the bundles and service generally through Housing Providers