One of Belfast’s biggest Credit Unions, Clonard Credit Union, has announced a cut in their interest rate to 7.5% until the end of June in a move designed to help members through the Covid-19 crisis
The Credit Union has implemented a series of measures to support their members in the past few weeks.
Chief Executive Ruth Clarke said: “Clonard Credit Union exists to serve the community and our members.
“We have remained open throughout the current health crisis as an essential service to allow our members to manage their finances.
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“Three of our branches, at Clonard Gardens, Park Centre and Twin Spires, are currently open with revised operating hours. Throughout the course of the current Covid-19 pandemic we have expanded measures to help our members who have been impacted by job loss, financial pressure and from having to shield and self-isolate.
“These include our flexible approach to loan repayments, our home visit service to self-isolating members, our Covid-19 furlough and universal credit advance scheme, and now the cutting of our interest rate to 7.5% through to the end of June.”
Credit Union stalwart Brian McCrory said they were committed to serving the community at its hour of need. "The Credit Union will visit members (sheltering) at home to take deposits or distribute money," he said. You can hear his full interview in our video interview above.
Clonard's Covid-19 Loan Advance scheme gives both existing and new members an opportunity to avail of small amounts of money immediately, and to top up if required, until their claim for Universal Credit or their furlough payment came through.
The interest rate has been cut to 7.5 per cent until the end of June to alleviate the financial burden on members.
Added Ruth: "We are also proud to have supported the ongoing community response to the pandemic, where food hampers have been provided to elderly and vulnerable citizens within the community. In April we donated £1,000 and in May we have donated another £1,200 to support the fantastic work being carried out by all those volunteers across the community to help ensure no one is left behind during this difficult time. We all have to stand together during this crisis."
New member applications are always welcome at Clonard Credit Union. You can stay informed of their activities via their Facebook page (below) but they also operate a Twitter feed or can be reached by email on email@example.com. Needless to say you can also contact Clonard Credit Union, in the good old-fashioned way, by phone on 02890 322507.