Published Date:
22 July 2010
A NOT-FOR-PROFIT community bank has provided more than £1m in low-cost loans to borrowers in Erewash.
Erewash Credit Union, based at Ilkeston Co-op, has helped more than 1,700 people since it was set up in 2007.
Credit unions are financial co-operatives owned and controlled by their members. Money is lent at ethical interest rates. The income from this charge is put back into the credit union.
Manager Seamus Grant, said: "Many of the loans we release are to workers who may be struggling to get credit from their bank or from other lenders. They are fed up with paying up to 50 per cent APR from loan companies or even up to 2,300 per cent APR from payday lenders or cheque-cashing centres."
Anyone wanting more information can visit the credit union at Ilkeston Co-op Store in South Street.
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Last Updated:
21 July 2010 5:05 PM
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Source:
Ilkeston Advertiser
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Location:
Ilkeston
