Thursday, 19 March 2009

Credit Union

Yesterday evening I attended the AGM of Rugby Credit Union. This is a voluntary body who provides savings & loan facilities to Rugby people generally but targetted at those who might otherwise be forced to use doorstep lenders. The Credit Union charges loan interest at 1% per month equivalent to 12.7% APR. By contrast we were shown an advertisment for another loan provider where the APR is 189.2%. So the work carried out is a valuable service within the community and has a method of working where people are helping one another. Loans are granted to those with a record of saving with the Credit Union and so a sound approach to personal finance is encouraged. I was impressed with the work that is being done in the tought economic times such we face today and wish the team there well.