The two credit unions were set up to address the issue of financial exclusion, which a lot of low income families and individuals suffer from. They also needed to address the problem of the high cost of borrowing money (from banks or doorstep lenders etc.) and to encourage regular saving. The aim was effectively to establish a community-run business, which would actively encourage members to add to their savings whilst at the same time would give them access to low cost affordable loans. Junior savers schemes were also set up to encourage saving at a young age, which would hopefully break the cycle of reliance on doorstep lending — which has become a pattern in many families. The two credit unions have now merged are still working to further fulfil these aims.
