Croydon scheme to expand to neighbouring boroughs
Merton residents as well as those working in the borough will be able to join a Credit Union, following the go-ahead from the Financial Services Authority.
The Croydon Savers Credit Union has been given permission to expand to Merton and Sutton.
Credit union members are encouraged to save a small amount of money every week or month to help them get into a routine of saving and become more financially secure. At times of need, low cost loans are available.
The granting of loans is based on the applicant's ability to afford repayments rather than employment status or previous credit history and their savings record would then benefit their loan application.
Membership forms are available on the Merton Priory Homes' website. Click here for more information and to download the relevant form.
Pauline Ford Managing Director, Merton Priory Homes: "This is great news for residents who will have a more palatable credit alternative to consider against high interest rates and loan sharks".
December 9, 2010