The Lib Dem initiative to bring a Credit Union to Windsor and Maidenhead has been a huge success.
It is moving from its base at 4 Marlow Road to the Town Hall from Thursday 26 January.
The Credit Union came to the Borough following an initiative from the Liberal Democrats at Windsor and Maidenhead council.
The credit Union:
offers ethical and personal financial services to help put people back in control of their finances and steer them away from loan sharks, doorstep lenders and payday loan providers who can charge very high interest rates
provides ethical savings opportunities for those who want their money to be used to help those in the local community who need financial support.
Growing numbers of people are being hit hard by the very difficult global economic situation and there are those who, for various reasons, can’t get loans at all or can’t afford the interest rates.
This is a breeding ground for unscrupulous loan sharks and organisations that charge extortionate interest rates which can lead to even more misery.
Thankfully the credit union can often provide a lifeline and, through a personal financial service, offer loans at affordable rates, even to people with a poor credit rating, and can provide help on money management.
The credit union also offers a savings opportunity for people who want to put their money into an ethical investment that helps their local community.
Jim Coghill, chairman of the Credit Union, said: “Across Berkshire and in the Royal Borough people normally manage their money satisfactorily but if the washing machine or the car breaks down – those unexpected moments – they can cause problems. They can drive people to taking out loans at very high rates of interest and paying back a great deal more than they borrowed.
“We encourage people to start saving what they can with us and then we are normally able to offer loans at affordable rates. We sit down and explain how we work, look at a person’s income and expenditure and then decide if we can offer a loan – but only if they can afford it. We want to help give people long-term financial control and peace of mind.
The credit union will be open every Thursday in the Town Hall from 10am to 4pm. No appointment is necessary – just drop in. However, appointments can be obtained by calling 01189 585803 (10am – 4pm Monday to Friday).
Volunteer recruitment for the credit union is always open. No previous financial services experience is necessary but volunteers should be good communicators, computer literate and keen to be involved in a worthwhile community organisation. Anyone interested in learning more about the volunteering opportunities should call Jayne Parsons on 0118 958 5803 or email firstname.lastname@example.org
CSL has grown from the former Reading Credit Union which was set up four years ago and has now extended across Berkshire to provide quality, low cost financial services, accessible to all those who live and work in the county.