Emily signed up to the Islington Credit Union at the launch of their new outreach service at St Luke’s Community Centre, Central Street in EC1.
Volunteers and staff from the credit union are running a fortnightly outreach service at the St Luke’s Centre to raise awareness of the ethical savings and low cost loans service offered by the locally based co-operative.
Since being set up in 1997, the Credit Union’s 2,000 members have saved nearly £1.5 million.
Unlike other organizations, Islington Credit Union encourages saving rather than borrowing, and offers members low cost loans at times of need.
The members pool their savings to create low cost loan schemes to help people with debt problems.
Throughout the borough dozen of companies are marketing loans at an average 224% apr, with some payday loans going as high as 7,000% apr. A standard loan from one well known doorstep lender sees the borrower pay £379 in interest on a loan of just £500 over a year.
Martin Groombridge, manager of the Credit Union said “We welcome the commitment of MP’s such as Emily and Jeremy to support our growing credit union. With the support of people opening ethical savings account with us we can continue to offer real alternatives to loan sharks operating in Islington. I would urge local residents to start saving a little with us and help us in our campaign to improve the lives of so many people whose lives are ruined by the levels of crippling high interest debt.”