Credit Unions beat the crunch!

Archived news: published on Tuesday 06 Oct 2009 by Fife Council

Fifers are beating the credit crunch thanks to the Kingdom’s Credit Unions.

 

In the past year a recession-busting extra £400,000 has been saved across the Kingdom, meaning local people now have more than £1.239 million invested in their local Credit Unions.
 
At the same time more new loans than ever before were approved, meaning that in total the Credit Unions now have just under £800,000 worth of outstanding borrowings with them.
 
Young Fifers are getting in on the savings habit too, with junior membership up 40% in 2009 to more than 700.
 
Those were the figures presented to today’s (Tuesday October 6) meeting of Fife Council’s Housing and Communities Committee which endorsed the excellent progress being made in their continued development.
 
Councillor Brian Goodall, Committee Chair said how Credit Unions were a great asset to Fife: “They are strictly regulated and are one of the safest places to invest your money at any time.
 
“At the same time if you need to borrow money, they are protecting people from the clutches of unscrupulous lenders who can charge extortionate interest rates on even small loans. This also applies to established lenders, as even some household names can charge as much as 250%+ interest for a loan.
 
“I am especially pleased at the increase in younger members as the savings habit is a vital thing to learn, and hopefully will continue into adulthood.”
 
Susan Dryburgh Credit Union Development Worker said more developments were planned: “A number of Fife’s Credit Unions will soon be launching a pre-paid debit card for their members.
 
“Many members at present have basic bank or post office accounts which don’t offer such cards. This initiative will allow them to save money when shopping on the internet, and also remove the need to carry cash when shopping.
 
“It will also make it easier for them to pay Fife Council charges including for example, bulky uplifts.”
 
“The Kingdom Credit Union also plan to offer bill payment and budgeting including the facility to pay you rent through your Credit Union account. This could lead to fewer rent arrears for the Council and Local Housing Associations as well as potentially reducing utility bill costs for members,” added Susan.
 
Anyone who wants further information on joining a Credit Union should contact Susan Dryburgh Credit Union Development Worker on the freephone number 0800 085 5803.
 

Loan Comparison Table

Lender

Loan Amount

Weekly Payment

No of Weeks

Total Amount Payable

% APR

Total Charge for Credit

Credit Union

£500

£10.25

52

£532.80

12.7%

£32.80

LoansAtHome4u.co.uk

£500

£16.65

52

£866.65

230.2%

£366.65

Morses Club Ltd

£500

£17.50

50

£875.00

254.5%

£375.00

Shopacheck Financial Services

£500

£17.50

50

£875.00

254.5%

£375.00

Provident Personal Credit

£500

£17.50

50

£875.00

254.5%

£375.00

Figures taken from www.lenderscompared.org.uk 9 September 2009

For more information contact

Susan Dryburgh, Credit Union Development Officer 
Tel: 01592 758596 Fax: 01592 583527 Contact Susan Dryburgh online
By Post: Fife Council, Albany House, Albany Gate, Glenrothes,

Cllr. Brian Goodall, Councillor 
Tel: 01383 873 054 Contact Brian Goodall online
By Post: Fife Council,
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