A South Wales credit union has experienced a significant rise in its lending activities and saving deposits.
For the 12 months to the end of March this year, Smart Money Cymru Community Bank, which has offices in Caerphilly, Blackwood and Tredegar, saw a near 50% rise in loans, from £2.59m to £3.84m. Its saving deposits rose nearly 10% from £3.87m to £4.24m.
It also saw members growing nearly 11% from 7,276 to 8,068. Its current average loan is £1,200 with an average repayment term of two years, although it can lend up to £15,000 unsecured with repayment terms up to five years.
