retailCURe launches its first Impact Report

23/11/2017

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New Credit Union brings huge benefits to retail employees

The Money Advice Service has found that four out of ten adults have less than £500 in savings. retailCURe wants this to change.

The non-profit Credit Union was launched in May and works with retailers to bring the benefits of saving by payroll to hundreds of staff. It has now released its first Impact Report.

Encouraging saving

Our Save as You Borrow Scheme obliges borrowers to allocate 10% of their loan repayment to a savings account, so when the loan is repaid the member has built up a nest egg reducing their need to borrow in the future.

retailCURe also offers market-beating rates on all of its savings accounts which are fully protected by the Financial Services Compensation Scheme.

Tackling payday lending

A £500 loan over 6 months costs just £35 from retailCURe. A typical payday lender will charge £384 for the same loan. For every 100 members taking out a similar loan we save them nearly £35,000 in excess interest charges.

Affordable borrowing

The Credit Union is not just there for people struggling to make ends meet. Our loans start from just 7.4% APR.  

Improving credit scores

retailCURe borrowers can improve their credit score by establishing regular repayment records with us. These are reported to a Credit Reference Agency, enabling members to access cheaper products and services in the long-run.

Not for profit

Uniquely, as a member owned - not for profit - business retailCURe is legally obliged to promote thrift and sound financial education amongst our membership. We are here for the duration; an ethical organisation with an emphasis on promoting long-term financial health by encouraging members to save with us.

Download a .pdf version.