Boom Credit Union Wants To Deliver Better Financial Outcomes For Guildford Residents

Published on: 23 Apr, 2021
Updated on: 23 Apr, 2021

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As we go about our daily lives, it is easy to perceive Surrey as an affluent place where everyone is doing quite well.

In fact, there are areas of significant poverty and deprivation, and the struggle to cope financially, surrounded by people who are better off makes the financial problems even worse.

Some of our neighbours are living in areas where 30% of children and young people are living in poverty. What can you do to help those needing help in Guildford?

One small thing would be to join Boom, your local Credit Union.

Boom is a not-for-profit social co-operative owned and run by its customers to serve the people of Surrey and West Sussex. Its purpose is to promote financial inclusion within our communities.

Boom believes everyone should have access to a current account and an affordable loan. As a financial co-operative, Boom relies on the generosity and loyalty of its 9,000 members who deposit savings, large and small, so that Boom can in turn lend their money out to those who cannot find credit elsewhere.

Total savings of £6.4 million enable Boom to lend to 2,000 of its members and at the same time encourage them to open their own small savings account. Boom has provided £1.1 million in loans specifically designed to support local families in receipt of Child Benefit.

Boom also extends a helping hand to the better off who meet a sudden unforeseen financial set-back – ill health, redundancy, short time working and need to reduce their spending, by consolidating all their high-interest debt into one cheaper affordable loan.

Boom helps keep money in the pockets of its borrowers and their families and out of the hands of unscrupulous lenders who may profit from hardship. If you are aware of groups or individuals within your community who needs financial help and cannot find it, please do tell them about Boom Credit Union, their local community bank.

Mark Jasper, Boom Chief Executive, said: “Quick turnaround loan companies often exploit those on lower incomes with poorer credit. Inevitably, many will struggle to meet repayments and end up in an even worse financial position.

“Boom can provide a cheaper, ethical alternative loan with structured repayments, and with a savings scheme attached to those repayments the opportunity for borrowers to repair their credit rating, and for some, become savers for the first time.”

You may already have a savings account with a high street bank, but if you want to do something more meaningful with your money, you could keep it safe and local in Boom!

By joining Boom’s community of savers and helping grow its pot of money, you would make it possible for Boom to provide more loans for local people and families, helping them pay for unexpected emergencies and the things that matter.

David Wright OBE, Boom Chairman, said: “We urge anyone who has built up savings during COVID which are now languishing in the bank earning very little interest to consider opening a savings account with Boom.

“It’s an ethical choice, 100% FSCS guaranteed, and you will have the satisfaction of knowing that your money will be used to help the less fortunate in who are struggling to find affordable credit at this difficult time. Boom is also well placed to declare its first dividend in 2021, which will benefit all our members.”

Please join our band of savers, and consider opening a Boom savings account today. Your money could start giving you a feel-good factor! Your savings, up to £85,000, are 100% protected by the Financial Services Compensation Scheme (FSCS) and are accessible to be withdrawn whenever you need them.