Smart Money Cymru is the first credit union in Wales to introduce an online member shopping service.

With its new Smart Goods service, the innovative credit union Valleys is now offering its 7,000 members the opportunity to buy stoves, fridges, televisions and a wide range of household goods in an online shop.

Smart Money Cymru has teamed up with supplier CSL to offer the new service to members of the credit union. CSL specializes in providing a catalog of over 5,000 high-quality goods to disadvantaged and low-income communities, and works with the charity sector and local financial institutions.

Purchases are financed through loans from Smart Money Cymru and the goods are delivered directly to the customer.

New members wishing to join the credit union are welcome and can use the Smart Goods service.

Mark White, CEO of Smart Money Cymru, based in Caerphilly, Blackwood and Tredegar, stated that the service aims to help people who may lack good credit and are struggling to access finance from high street banks and traditional lenders to obtain.

“Some credit unions in the UK offer a similar service, but we are the first in Wales to offer this to our members and we are excited to introduce this innovative system which I believe will prove to be very good will prove. “Popular.”

The step is about expanding financial inclusivity. “Credit decisions are increasingly being made by automated systems based on credit records. As a result, increasing numbers of people are being excluded from adequate borrowing, effectively punished and financial difficulties exacerbated, “said White.

Fundraising problems can despair people and drive them towards high-yield finance or even into the hands of unscrupulous, illegal lenders. “We are working to break this cycle and provide our members with fair and affordable funding, taking a long-term, holistic view,” added Mr. White.

“Ethical Alternative”

Smart Goods loans come at a fixed rate of 3% per month. “This rate is very cheap compared to those offered by other lenders in this and similar markets and offers an affordable and ethical alternative.”

Loans for smart goods purchases can be applied for online or in person at a Smart Money Cymru branch. All costs are clearly stated and explained, and there are no credit union membership fees.

Purchases are made through the Smart Goods website, which offers convenient “starter” packages for members moving into a new home – including practical bedroom, kitchen, bathroom packages, and more.

“It’s convenient and easy to use, and our Smart Money Cymru staff are available to help members apply for loans and make purchases,” said Mr. White.

“We believe this program will be very popular and will help a great many people in the area,” added Mr. White.

“Smart goods enable families with low incomes to buy everyday products.”

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