A credit union that was founded in Forres and is growing through Moray has launched a promotional video.
The Moray Firth Credit Union (MFCU) – which now has collection points in Elgin and Buckie – advertises the financial services it offers, including loans at lower interest rates than the big banks.
Jackie Nicol, head of finance and promotion, confirmed the advert was funded by a donation from the Fairer Moray Forum, which also provided sponsorship for a Forres Area Soccer 7s team.
She said: “We try to let people know who we are and how we can help people. The video shows people that we are an alternative option when borrowing money. In addition to the banks, we are much cheaper than some of the loans offered on TV.
“We also charge our interest on the declining balance, have flexible payment options and encourage members to save a small amount while they borrow. They have a nice surprise at the end of their loan and they have built up savings!
Credit unions take a people-centered approach to economic development that redirects wealth into the local economy and places control and benefits in the hands of local people.
“We also help people on benefits to borrow,” added Jackie. “We have a strict lending policy and work closely with credit reference agency Equifax to ensure we lend responsibly. Credit unions have more flexible repayment options that encourage saving as the loan is paid off, creating a nest egg for the future. And there are no prepayment charges.
Produced by Ian Forsyth of Inverness-based DP Digital Media in January, the MFCU advert runs on social media, the MFCU website and at the social enterprise’s offices.
Lorna Creswell, founding member of the MFCU, added: “The MFCU has money to lend and it would be nice to see it circulating locally! Our assets come from interest earned on borrowings. If we achieve a surplus at the end of the year, our members could receive a dividend based on their savings.
See the video on https://www.youtube.com/watch?v=OxGohn0tr8I