The Bank of England (BoE) reported Credit Union membership reached 2.15 million by the end of 2024, an increase of 58,295 over the year.
Loans to members grew by £146m, rising from £2.465bn at the end of 2023 to £2.611bn at the end of 2024.
Richard Pinch, senior director, risk, at Broadstone, said: “Adult membership of Credit Unions has expanded significantly over the past five years and continued its upward trajectory in 2024.
“The surge in popularity reflects growing demand for alternatives to the mainstream lending sector, particularly those that could offer greater flexibility as the cost of borrowing has risen since the pandemic.
“Credit Unions are one of the country’s best-kept secrets for potential borrowers, providing secure and responsible lending as well as rates that are affordable relative to many other high-cost, short-term options.”
Pinch added: “Another bonus of Credit Unions is that they offer attractive rates to savers, who also benefit from the knowledge that their deposits are helping to provide loans for other members.”
