Affordable personal credit
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Affordable Personal Credit. Irene Smith 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

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Affordable personal credit

Affordable Personal Credit

Irene Smith

Nottingham Credit Union

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