Derry Credit Union pays out in excess of £17m in loans this year

Colm McCauley (Treasurer), Alfie Bradley (President), Sean Hegarty  (Vice President); back row left to right are directors Leo Simpson, Rita Barrett, Rosemary O'Doherty, Gerry McMonagle, and General Manager Joan Gallagher.  Not pictured are directors Patricia Doherty (Secretary), Delma Boggs, Carmel Bradley and Noel Garlick. (Photo - Tom Heaney, nwpresspics)
Colm McCauley (Treasurer), Alfie Bradley (President), Sean Hegarty (Vice President); back row left to right are directors Leo Simpson, Rita Barrett, Rosemary O'Doherty, Gerry McMonagle, and General Manager Joan Gallagher. Not pictured are directors Patricia Doherty (Secretary), Delma Boggs, Carmel Bradley and Noel Garlick. (Photo - Tom Heaney, nwpresspics)

Derry Credit has warned of the dangers of using credit cards and store cards as they revealed they have issued over £17 million in loans over the past year.

At the annual general meeting last night, Derry Credit Union revealed in the last financial year they dealt with 18,867 loans applications and have issued a total of £17,609,183 in loans and the average monthly approval rating was 93 per cent.

In 2017-2018, the credit union exceeded its financial projections. Members’ shares totalled £77m and the loan book was valued at £30.5m. The credit union’s income was £4,083,976 and expenditure was £2,625,064.

A dividend and interest rebate payments of £1.4 million will be available to members from tomorrow and the Derry Credit Union said much of this ‘will be spent in the North West, supporting local businesses and sustaining jobs’.

At Derry Credit Union’s AGM last night, treasurer Colm McCauley said: “You belong to the first credit union established in N. Ireland, which is also the largest credit union in N. Ireland. Derry Credit Union has the most members, the largest share and investment portfolio and loan book in N. Ireland. We also have the most active membership and we are held-up across Ireland and UK-wide as an example of good practice.’

He said the Board of Directors have been working to ensure the stability and security and will adopt a ‘prudent approached to ensure that Brexit will not cause any shocks’.

Joan Gallagher, General Manager, warned against the dangers of using credit cards and store cards.

‘In the next six weeks, many of our members will be applying for Christmas loans. A credit union loan is great way to pay for gifts, oil fills, clothing and all the extra expenses that come with Christmas. Our staff are ready and waiting to your loan application!

“Unfortunately, some will still turn to more expensive ways of paying for their Christmas expenses, such as credit and store cards. For those who turn to more expensive borrowing options, talk to us when the credit and store card bills start arriving. We may be able to help with a debt consolidation loan which rolls all other debts into one affordable Derry Credit Union loan.’

Derry Credit Union president, Alfie Bradley said: ‘Our members, services, staff and voluntary personnel continue to make usthe best credit union on this island. We welcome membership applications from individuals who either live or work across the entire BT47 and BT48 post code areas. Further information about joining and our services is available on our website at www.derrycu.com. We look forward to making you a part of the best credit union in Ireland!’