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You can find the current article at its original source at http://www.guardian.co.uk/money/2013/may/07/credit-unions-pool-resources-attract-customers
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| Credit unions pool resources to attract more customers | Credit unions pool resources to attract more customers |
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| More than 30 credit unions have signed up to a "landmark" expansion drive which will save consumers up to £1bn in loan interest repayments in the coming years. | More than 30 credit unions have signed up to a "landmark" expansion drive which will save consumers up to £1bn in loan interest repayments in the coming years. |
| The government has previously agreed to invest £35.6m to transform the sector and help it to double its membership by attracting 1 million new members over the next five years to add to the 1 million who already exist. | The government has previously agreed to invest £35.6m to transform the sector and help it to double its membership by attracting 1 million new members over the next five years to add to the 1 million who already exist. |
| It wants to see people on low incomes, who often pay a "poverty premium" for loans because they have limited options, becoming less reliant on expensive credit providers such as payday lenders. | It wants to see people on low incomes, who often pay a "poverty premium" for loans because they have limited options, becoming less reliant on expensive credit providers such as payday lenders. |
| Estimates suggest the plans will save borrowers up to £1bn in loan interest repayments by March 2019 compared with the amounts they would have been charged if they had gone to a high-cost lender instead. | Estimates suggest the plans will save borrowers up to £1bn in loan interest repayments by March 2019 compared with the amounts they would have been charged if they had gone to a high-cost lender instead. |
| The initiative is being managed by the Association of British Credit Unions Limited (Abcul), which confirmed today that a first wave of 31 unions have joined the scheme, with more expected to follow. | The initiative is being managed by the Association of British Credit Unions Limited (Abcul), which confirmed today that a first wave of 31 unions have joined the scheme, with more expected to follow. |
| The expansion project will allow credit unions to broaden their appeal by pooling their resources to offer more "fast and efficient" services and give people more consistency. | The expansion project will allow credit unions to broaden their appeal by pooling their resources to offer more "fast and efficient" services and give people more consistency. |
| The project will enable more members to access products such as current accounts and cash Isas via the internet and mobile phones. | The project will enable more members to access products such as current accounts and cash Isas via the internet and mobile phones. |
| Credit unions will pass on to their members the benefits given to them by the economies of scale give, including lower loan rates and better savings returns, Abcul said. | Credit unions will pass on to their members the benefits given to them by the economies of scale give, including lower loan rates and better savings returns, Abcul said. |
| Chief executive, Mark Lyonette, said: "We will be supporting credit unions to offer a much wider range of great value products to many more members from a broad range of income groups. | Chief executive, Mark Lyonette, said: "We will be supporting credit unions to offer a much wider range of great value products to many more members from a broad range of income groups. |
| "Consumers will soon be able to benefit from the latest online technology to sign up to credit union services such as current accounts, budgeting accounts and cash Isas." | "Consumers will soon be able to benefit from the latest online technology to sign up to credit union services such as current accounts, budgeting accounts and cash Isas." |
| Vincent Thomas, chairman of London Plus Credit Union, said the move will allow the body to expand its services to the whole community as well as people on lower incomes. | Vincent Thomas, chairman of London Plus Credit Union, said the move will allow the body to expand its services to the whole community as well as people on lower incomes. |
| "This inspirational project will help us to reduce costs and expand our product range, as well as helping us to provide the fast and efficient services people expect these days," he said. | "This inspirational project will help us to reduce costs and expand our product range, as well as helping us to provide the fast and efficient services people expect these days," he said. |
| Credit unions, which are mutual financial co-operatives that take deposits and give loans to their members, will also carry out research to find out more about what people want from them. | Credit unions, which are mutual financial co-operatives that take deposits and give loans to their members, will also carry out research to find out more about what people want from them. |
| The UK credit union sector is relatively small compared with other countries such as the United States and Canada, with about 400 unions across the country. | The UK credit union sector is relatively small compared with other countries such as the United States and Canada, with about 400 unions across the country. |