Family Loans are becoming ever more popular with members of Wales’ fastest growing Community Bank, Smart Money Cymru, which has just joined forces with Newport Credit Union.

The recent merger means that the 3,500 members of the city’s credit union are now part of a much larger organisation with branches across South and Mid Wales. As such, they can now access the sophisticated financial services Smart Money Cymru has to offer at the newly-refurbished city-centre branch in Skinner Street.

Smart Money Cymru welcomes new members and encourages people to visit their website, or pop in for a chat. Joining the Community Bank, which has 14,000 members in South and Mid Wales, is easy and free, and opens the door to a range of financial products such as the increasingly popular Family Loan, according to CEO Mark White.

As mainstream banks shut their branches and make automated decisions on opening accounts and lending, the Community Bank does things differently. People wishing to join, or take out a loan, deal with a human being rather than a chatbot, or can use a full online service if they prefer. 

(Image: Smart Money Cymru)

Mr White explained that as a Community Bank, Smart Money Cymru was committed to working with local people and taking the time to understand their needs.

“Rather than simply looking back at a Credit Record, we will discuss people’s situations and if we can help them, we will,” he said.

If you are looking for new banking arrangements, the first step is to get in touch with Smart Money Cymru and have a chat with the friendly staff at a branch in Newport, Caerphilly, Blackwood, Tredegar, Brecon or Llandrindod Wells. 

“You may be surprised by what is on offer, and how easy it is to join and to benefit from our financial services,” he added.

In particular, the Family Loan is growing in popularity. It is, says Mr White, a great way to take a small loan which is repaid directly through Child Benefit payments each week. It also helps members build their savings at the same time as the balance can be put into an instant access account, or a junior account for the children, he added.

Family Loans up to £500 are available, subject to eligibility, with no early repayment penalties and a quick and easy application process with decisions made by humans, not robots. Repayment periods are up to 18 months and interest rates are transparent and lower than many banks.

(Image: Smart Money Cymru)

“It is an excellent way to get family finances on a stable footing, can help build savings and also improve your Credit Rating at the same time,” said Mr White.

Community Banking and credit unions are becoming more important as traditional high street banking retreats, closing branches and operating more and more online.

“There is no doubt that people and communities which don’t meet certain criteria are becoming excluded from financial services, and it is our mission to stop this wherever we can,” said Mr White. 

Being shut out from proper banking services can drive people towards unlicenced and illegal money lenders with unscrupulous practices, trapping them in debt and ruining lives.

“That is why, with support from Welsh Government, we have been investing in financial technology and opening new and improved branches for the benefit of local communities, and we are looking forward to continuing and building upon the excellent work that Newport Credit Union has performed in the last 25 years.”

To learn more about joining come and see us at:

Smart Money Cymru Community Bank,  27 Skinner Street, Newport NP20 1HB

Or call us on 02920 883751 or email: info@smartmoneycymru.co.uk