THOUSANDS of residents have avoided high-cost borrowing through a Tameside credit union which says it has helped members save an estimated £10.8 million in interest.
Cash Box Credit Union has provided more than 13,000 loans worth £13.2 million since it was established in 2004, according to a report presented to Tameside Council’s Executive Cabinet.
The not-for-profit organisation is forecast to lend more than £1 million in new loans this year, with around £1 million of additional lending capacity currently available.
Cash Box offers savings accounts, low-interest loans and payroll deduction schemes to people living or working in Tameside and Glossop.
Many of its borrowers have been unable to access mainstream lending and would otherwise face significantly higher costs. Its loan products range from 5.6 per cent APR to 42.6 per cent APR, compared with between 325 per cent APR and 1,333 per cent APR charged by some short-term lenders.
Most loans are for less than £1,000, helping people cover expenses that might otherwise lead to high-cost debt.
The credit union also offers products designed around everyday expenses, including school uniform loans, Bee Network ticket loans and Christmas savings accounts.
A total of 617 members saved a combined £352,700 for Christmas 2025.
Tameside Council supports Cash Box through a £25,000 deferred shareholding and in-kind support.
Councillor Eleanor Wills, the local authority’s leader, 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.”
Cash Box says its members’ savings are used to support fellow members and reinvest in local communities, rather than generate profits for shareholders.
Savings of up to £85,000 are protected through the Financial Services Compensation Scheme, while the organisation is regulated by the Prudential Regulation Authority and the Financial Conduct Authority.
The credit union approved 1,203 loans worth £974,353 in 2024/25. Total lending reached a record £1,031,538 in November 2025.
It is encouraging more residents and workers to consider joining, particularly those who may struggle to access affordable borrowing elsewhere.
To find out more about Cash Box Credit Union, visit www.cashbox.org.uk