Three in four people want to implement green home improvements
In light of the cost of living crisis, more people across the UK are in favour of making green home improvements to reduce energy bills in the long run and help combat the climate crisis, however, 23% of Britons cannot afford to pay for them according to Mortgage Advice Bureau. In uncertain times, people may be discouraged from making more significant investments, especially as many banks are now increasing the rates charged on loans. To help people build their financial resilience and as a response to the market condition, GWCU recently announced the return of our Advantage Loan, providing larger and more local loans to finance members’ dreams or help them simplify their finances.
Members can use loans to fund green home improvements to mitigate rising energy costs, improve the value of their property, invest in sustainable transport or any other big-ticket purchases. They can also use the funds to consolidate other borrowing and simplify their finances, potentially saving money on higher cost borrowing like credit cards or overdrafts. The Advantage Loan provides our lowest rates of interest, with 4.9% APR representative for loans of £7,500 to £15,000, making it more affordable to achieve longer-term financial goals. To apply for an Advantage Loan, members must have been a homeowner for three years or have an excellent credit score.
The Advantage Loan had previously been available up until 2019 and served nearly 400 people. The money from interest benefits people in local neighbourhoods across GWCU’s common bond area, encompassing Bristol, Bath, Gloucestershire, Dorset, Somerset and Wiltshire. GWCU currently has 20,600 members and takes care of £10.5m in savings deposits.
James Berry, CEO of Great Western Credit Union, said:
Understandably, this is a difficult time for many people across the UK and it might make them more concerned about their financial situation. Our Advantage Loan helps members to feel more secure when making bigger purchases to achieve their longer-term financial goals, whether that's for green home improvements or to allow people to take advantage of the opportunity to simplify their finances. Whether you need a loan or a place to save, Great Western Credit Union is here to support you.
As outlined in our 2022 AGM, GWCU’s future plans include the transfer of Stroud Valleys Credit Union this summer, adding another 700 members to the credit union’s overall total. Digital transformation will continue to play a key role over the next year, as GWCU looks to make improvements to the usability and efficiency of its platforms.