Drop-in credit union sessions in Nine Elms
Published: Thursday 20th October 16
The Wandsworth Plus Credit Union is holding monthly sessions at the Rose Centre to help local people avoid payday lenders and loan sharks.
The council has worked in partnership with the credit union since 2013 to enable Wandsworth residents to get access to affordable, ethical savings and loans.
People with poor credit ratings are often turned away by high-street banks. But as a co-operative owned by its members, the Wandsworth Plus Credit Union can sometimes be more flexible.
Credit unions have the same financial services protection and are regulated just like banks and building societies, so savers know their money is safe. As co-operatives, they work with members to encourage better financial understanding and any profits generated are shared among members.
Cheryl Gale, chief executive of the credit union’s parent company London Plus Credit Union, said: “It's great for our staff to be able to tell people about Wandsworth Plus Credit Union and the ways in which we can help people – both those facing hard times and also those who want to know their money is being invested ethically.
“People want to know how the service operates and whether we lend to people with poor credit history. We look at individual circumstances and a poor credit history isn’t necessarily a barrier.”
Find out more about the credit union at www.wandsworthpluscu.co.uk or drop in for the next monthly session from 10am until 2pm on Friday October 28.