Work is currently underway to establish a brand new credit union service in Kensington & Chelsea that will provide access to a range of fair and affordable financial services. It will offer a new and alternative way for people to save and borrow that will deliver benefits for members and the local community.
K&C Credit Union recently submitted its application for approval by the Financial Services Authority and hopes to receive the go-ahead to launch in early 2012.
The K&C Credit Union is being backed by Catalyst and a range of other local organisations as a great deal for all residents to help improve their finances.
Ian Cann, Community Investment Manager at Catalyst, explains “Catalyst is proud to have supported the development of the credit union from a very early stage. We see this as a fantastic way for our tenants to improve their household finances by building up small amounts of savings for a rainy day. It also gives access to affordable loans so people do not need to resort to expensive borrowing from home credit companies, money shops, Payday loans, pawnbrokers and cheque cashing shops.”
If you would like to find out more about the service telephone 020 8354 5663, email firstname.lastname@example.org or visit www.kccu.co.uk. You can also view a list of frequently asked questions at www.yourhereandnow.co.uk.
A credit union is a co-operative financial institution that offers alternative form of saving and lending that is owned and controlled by its members. Credit unions exist to offer competitive financial services to their members in a responsible and sustainable way.
Credit unions offer many of the same services as banks, but differ in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union.
All policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself.
Normally, only a member of a credit union may deposit with or borrow money from the credit union. As such, credit unions have historically marketed themselves as providing superior member service and being committed to helping members improve their financial health.