First credit union in Wales to launch online shopping

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Smart Money Cymru is the first credit union in Wales to launch an online shopping service for its members.

Innovative credit union valleys now offers its 7,000 members the opportunity to purchase stoves, refrigerators, televisions and a wide range of household items from an online store through its new Smart goods service.

Smart Money Cymru has partnered with provider CSL to bring the new service to members of the credit union. CSL specializes in offering a catalog of more than 5,000 premium products to disadvantaged and low-income communities, in collaboration with the charitable sector and local financial institutions.

The purchases are financed by loans from Smart Money Cymru and the goods are delivered directly to the customer.

New members wishing to join the Caisse populaire are welcome and will be able to take advantage of the Smart goods service.

Mark White, CEO of Caerphilly, Blackwood and Tredegar-based Smart Money Cymru, explained that the service aims to help people who may not have good credit records and are struggling to access bank financing. High Street and conventional lenders.

“A few credit unions in the UK offer a similar service, but we are the first in Wales to make this offer available to our members and we are delighted to be able to launch this innovative program which I am convinced, will prove to be highly popular. “

The move was aimed, he said, at expanding financial inclusiveness. “Lending decisions are increasingly made by automated systems based on credit reports. This has the effect of excluding a growing number of people from reasonable borrowing, effectively penalizing them and increasing financial hardship, ”White said.

Problems obtaining financing can make people desperate and lead them to high interest financing or even into the hands of illegal and unscrupulous lenders. “We are working to break this cycle and provide fair and affordable funding to our members, taking a long-term, holistic view,” added Mr. White.

“Ethical alternative”

Smart goods loans are given at a fixed interest rate of 3% per month. “This rate compares very favorably to rates offered by other lenders in this market and similar markets and provides an affordable and ethical alternative.”

Ready for Smart goods purchases can be made online or in person at a Smart Money Cymru branch. All costs are clearly stated and explained, and there is no charge to become a member of the credit union.

Purchases are made via the Smart goods website, which offers convenient “starter” packages for members moving into a new home – these include convenient packages for bedroom, kitchen and bathroom and more.

“It’s convenient and easy to use, and our staff at Smart Money Cymru are available to assist members through loan application and purchase,” White said.

“We believe this program will be extremely popular and will help a large number of people in the region,” added Mr. White.

“Smart Goods allows low-income families to buy the products they need for everyday life. “

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