Boom Credit Union
Boom Credit Union used to have a drop-in centre at Crawley Town Hall, but as of late 2021 it no longer operates.
The organisation has changed its name to Boom Community Bank. At the time of writing, it doesn’t have a branch in Crawley, but operates from Worthing.
Even though it isn’t based in Crawley, it seems to be a worthwhile organisation, so we’ll give it some free publicity on this website:
About Boom Community Bank
Boom Community Bank provides community-based financial services. It offers loans, savings accounts and everyday banking facilities and, in particular, sets out to support those on a low income or who cannot access mainstream financial services.
Boom Community Bank is like a regular high street bank in that it lends to borrowers and looks after money for savers, but there are differences. Boom does not operate to make a profit, and its customers are its shareholders. This model is also known as a Credit Union.
Boom deals primarily with loans between £300-£15,000 and savings accounts of £85,000. Savings in Boom are protected under the Financial Services Compensation Scheme (FSCS). Savings in Boom support ethical lending practices in local communities.
People who take out a loan pay interest but gain five significant advantages:
Repayments are more reasonable because a ‘not for profit structure means focus is on affordability and not excessive profits.
There are no arrangements or service fees.
Borrowers save as they repay their loans. When the loan is paid off, the accumulated savings become available to spend or to keep adding to.
There are no penalties for repaying all or some of the loans early.
Boom Community Bank can also put you in touch with agencies that can advise you on budgeting and debt management.