The SoundPound Loan – A Response To The Cost Of Living Crisis

Today I have been with Greater Manchester community credit unions launching the SoundPound Loan.

Developed by the Credit Unions for Greater Manchester Consortium, the SoundPound Loan uses local money for local benefit. You can borrow from £200 to £1,000 at a fair rate of interest and is aimed at people whose options for fair and affordable credit is dwindling. The Sound Pound loan provides a safe solution for local people who are experiencing squeezed finances due to rising household costs.

According to Greater Manchester Residents Survey, a quarter (24%) of Greater Manchester residents are seeking information or support for the first time, reinforcing how the cost of living crisis is bringing financial concerns to those not traditionally experiencing them.

With deep roots in the communities, credit unions provide a positive and safe solution to short-term credit pressures as they encourage saving alongside loan repayments and always act in the member’s best interests for the long term.

Any money made by a credit union is invested back into the running of the credit union and the local area allowing us to offer fair rates of interest.

A unique credit union initiative in Greater Manchester

The city region is unique as it is currently the only consortium of credit unions in the UK which has launched a loan product in response to the cost-of-living crisis. That is why the initiative has been supported by Andy Burnham, the Mayor of Greater Manchester, who is a great supporter of credit unions.

To find out more go to www.soundpound.co.uk.

Need to borrow more than £1,000?

Hoot offers loans up to £15,000 at competitive rates. Go to our loans page for more details.

15 Feb 2023

Author: David Batten, CEO
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