London CU Reports Strong Growth

LONDON, England—London Capital CU here is reporting a 47% increase in membership this year through September, along with a 62% increase in loans to £5.6 million, and a 59% increase in savings.  The credit union now serves more than 10,000 people. Like many CUs in the U.K. it is positioned as a primary alternative to payday lenders. LCCU’s CEO, Martin Groombridge, told 24Dash.com that it estimates that members have saved £6.5m in interest, charges and fees by switching loans to the credit union.