Tameside Cash Box Credit Union saves residents over £10 million

Cash Box Credit Union has helped Tameside residents save an estimated £10.8 million in interest payments by providing affordable loans and savings products as an alternative to high-cost doorstep and payday lenders.

Since it was established in 2004, the not-for-profit credit union has granted more than 13,000 loans worth £13.2 million and is forecast to lend over £1 million in new loans this year, according to a report presented to Tameside Council’s Executive Cabinet on 26 August.

The credit union provides ethical and affordable financial services for people of all ages living or working in Tameside or Glossop, including savings accounts, low-interest loans and payroll deduction schemes. Operating on a community-driven model, members’ savings are used to support fellow members and reinvest in local communities rather than generating profits for shareholders.

Tameside Council supports Cash Box through a £25,000 deferred shareholding and in-kind support, helping to reduce cost-of-living pressures and strengthen community wellbeing.

Many Cash Box borrowers have been unable to access mainstream lending and would otherwise face significantly higher borrowing costs. Loan products range from 5.6% APR to 42.6% APR, compared with between 325% APR and 1,333% APR charged by some short-term lenders.

Popular products include school uniform loans, Bee Network ticket loans and Christmas savings accounts, with 617 members saving a combined £352,700 for Christmas 2025.

Tameside Council is encouraging more residents and workers to take advantage of the scheme. Cash Box currently has around £1 million of additional lending capacity, meaning more financially vulnerable residents could benefit from affordable borrowing and savings opportunities.

Savings are protected through the Financial Services Compensation Scheme in the same way as money held in a bank account.

Tameside Council Executive Leader Cllr Eleanor Wills said: “There’s an increasing trend of people turning to Cash Box for loans to help with everyday living costs such as food and bills.

“The credit union has the legitimacy and experience to play an important role in dealing with the challenges that face many people and families across Tameside and Glossop, especially young people, vulnerable and low-income groups.

“By saving members millions in interest, it puts money back into families’ pockets to do other things, much of which will be spent in the local economy.”

To find out more and join Cash Box, visit www.cashbox.org.uk/