Seven years after it first opened its doors, HI-Scot Credit Union has loaned more than four million pounds to its members.
The Credit Union offers loans from £100 to £10,000 at competitive rates from as low as 9.38% APR and can be a more affordable source of credit than the traditional lenders in the Highlands and Islands. At a time when affordable, reliable sources of credit can be difficult to obtain, HI-Scot is a genuine alternative to everyone who lives or works in the communities it operates.
David Mackay, General Manager of HI-Scot Credit Union, said: “I am delighted that the Credit Union has reached this fantastic milestone in a relatively short period of time. Considering it’s our members’ savings that are used to provide loans, this demonstrates the difference that can be made by the people in our communities working together to help each other. The Credit Union is now an integral part of our communities and without it many of our members would be unable to access affordable sources of credit.”
The Credit Union sector is particularly vibrant in Scotland with 114 Credit Unions serving 250,000 members. HI-Scot Credit Union is one of the youngest Credit Unions in the Country and already has over 2,000 members from Shetland to Fort William and Stornoway to Kingussie.
Although there is some way to go, HI-Scot is making progress to becoming the first choice for savings and loans in the Highlands & Islands.
HI-Scot Credit Union is a member-owned financial co-operative which offers a genuine ethical alternative to High Street Banks. It is independent of any external organisations and provides a range of savings products and competitive affordable credit to anyone who lives or works in the Highlands & Islands.
For further information, call the Credit Union on 01851 701865.