Nottingham Credit Union
| Published: 30th May 2008 09:06 |
New Local Initiative to Help People with Money Problems
The credit crunch and higher prices are affecting people in Chilwell and Beeston like in most of the country, and a new initiative has been launched to help those in debt. The Nottingham Credit Union has opened a new branch based at Inham Nook Methodist Church on the corner of Pearson Road and Inham Road. The Credit Union opens every Tuesday between 10.00 am and 12.00 pm.
Low cost loans from a few hundred to a few thousand pounds are available. The maximum interest payable is 2% per month (26.8% APR), and this rate will be reduced for people who have paid back their previous loans promptly. Just as important, both children and adults are being encouraged to open savings accounts and deposit even small sums whenever they can. The Christmas Savings Club is particularly popular.
This new initiative in Chilwell has been started by a broad mix of church groups, local councillors and local residents. Broxtowe Borough Council has given its full support. Founder member, Janet Patrick of Devonshire Avenue in Beeston said, "I've been appalled at the extortionate rates of interest charged by door-step lenders. By opening in Chilwell we're giving local people the opportunity to borrow money at much lower rates. We hope that people in Inham Nook will drop by to find out about what we can offer."
Manager of the Nottingham Credit Union, Irene Smith, said, "Nottingham Credit Union has seen a rapid growth in membership over the last year due in no small part to the impact of the credit crunch. We very much welcome this initiative in Chilwell and are giving it our full support."
Nottingham Credit Union
82-84 Radford Road
Hyson Green
Nottingham
NG7 5FU
Phone: 0115 8414640
Fax: 0115 8414642
info@nottinghamcu.co.uk
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