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Economic Justice

Four more credit unions receive 5-star Fairbanking Marks for their loan products

The Fairbanking Mark is awarded by the Fairbanking Foundation following a rigorous assessment which includes independent research involving the customers or members of a financial services provider. To receive the Fairbanking Mark, this research must confirm that a significant percentage of customers using the product found it useful in helping to improve their financial wellbeing through factors like helping them to manage their money better and to achieve their savings goals.

The latest recipients of the highest possible 5-star Fairbanking Mark are Hull & East Yorkshire Credit Union for their Credit Union Loan, Just Credit Union for both their Community Loan and Member Loan, London Mutual Credit Union for both their Plus Loan and CUOK payday loan, and Plane Saver Credit Union for their Personal Loan.

Fairbanking Foundation Chief Executive Antony Elliott said: “We have now worked with 11 credit unions to ensure their personal loan products are ready to be granted Fairbanking Marks. The evidence shows that credit unions are playing an increasingly important role in people’s financial lives in the UK.”

The 5-star award for London Mutual’s CUOK loan is the first time the Fairbanking Mark has ever been awarded to a payday loan product.

The Fairbanking Foundation was established in 2008 to encourage and assist providers of banking products to improve the financial wellbeing of their customers by enabling them to manage their money better. Eleven credit unions have now been awarded 5-star Fairbanking Marks for their products, and Fairbanking Foundation are encouraging more organisations to apply for this recognition.