Tenth Anniversary for Churches Credit Union

                                                                                                                    Tuesday April 22 2025

A GROUNDBREAKING Christian credit union co-founded by the Church of Scotland is celebrating its milestone anniversary.

The Churches Mutual credit union was founded in 2015 and provides savings and loans to union members in the Church in Wales, the Church of England, the Church of Scotland, the Methodist Church of Great Britain, the Roman Catholic Church in England and Wales, and in Scotland, the Scottish Episcopal Church and the United Reformed Church and associated church institutions, offices and charities.

As it began celebrations to mark the milestone, the CMCU said church ministers, staff and lay leaders were among those facing average credit car debt of £2600 and credit card interest rates of 19 per cent.

During its decade of operation, the credit union has disbursed £14m in loans, including £2.8m in debt consolidation loans, to church ministers, workers and lay leaders. Its loans are based on affordability, ethical finance and competitive rates

The union said that a debt consolidation loan meets two objectives – to manage unaffordable debt during the loan period and to reduce the interest payments on the consolidated loan.

Amongst other personal loans, the credit union’s car loan scheme has kept 1100 ministers mobile, as it did for David who said: “I was unable to obtain a loan elsewhere, but Churches Mutual took me on board and enabled the purchase of a much-needed car. Their willingness to reduce the repayments when I was unable to meet them and then increase them when I could said everything about the ethical standards of this organisation”.

The union also acknowledges the important part played by the generous funding of savers and partners.

Rob explained: “Unlike other personal savings, I view the savings with Churches Mutual as part of my giving to help church ministers and church workers in financial need, rather than an investment”.

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