Sheffield Credit Union celebrates saving local residents half a million pounds in high interest charges over Christmas

Over the Christmas period, Sheffield Credit Union and Laser Credit Union (who have recently merged with Sheffield) has financially helped over 2,000 people in Sheffield and Rotherham. It is estimated that they have saved local communities half a million pounds in high interest charges by providing an alternative to high-cost lenders and loan sharks.

By working closely with Financial Inclusion Services Yorkshire, Sheffield City Council and Rotherham Metropolitan Borough Council on their financial inclusion agendas, the Credit Union has provided a safe alternative to high-cost lenders and helped protect vulnerable individuals from the dangers of loan sharks.

These results show that through its ethical lending and savings services, Sheffield Credit Union has saved members hundreds of thousands of pounds in high interest charges, giving local families the breathing space they need to manage their finances responsibly.

In a recent research report published by Fair4allFinance in partnership with Liverpool John Moores University, it shows a critical role for credit unions in delivering much needed credit to a spectrum of borrowers, including those from lower income households, as well as encouraging and enabling people to build up their savings, and ultimately their financial resilience.

Chris Kearton, Chair at Sheffield Credit Union, said:

“We’re proud to be making a real difference in our local community. Every pound saved from high-cost credit means more security for families, less reliance on dangerous alternatives like loan sharks and ultimately more money being kept in the local economy. Our partnership with local councils ensures that financial inclusion isn’t just a buzzword—it’s a genuine lifeline for thousands of people.”

Sheffield Credit Union continues to champion financial resilience by offering affordable loans, secure savings, and guidance for anyone looking to take control of their money.

For more information or to join, visit www.sheffieldcreditunion.com.

A member identified as Adam H, recently left this review on Smart Money People:

“Because of how much Sheffield Credit Union has helped and encouraged me to save, it has meant I have been provided with a great APR on my loan. This has meant I can get ahead of my debts, all because of Sheffield Credit Union. I am so happy and would like to say a big thank you”.