Catalyst is backing a new credit union in Kensington and Chelsea that is set to launch in early 2012.
A credit union is a not-for-profit co-operative that provides fair, affordable banking services for local people. It will be simple for people to join, offering a safe and convenient place to save, as well as providing access to small, low-cost loans, preventing the need to borrow from high-cost lenders such as payday loans, home credit companies, money shops and pawnbrokers.
For example, a £500 loan over 52 weeks would cost approximately £410 in interest and fees from the Provident’s home loans (272.2% APR). The same loan from Kensington & Chelsea Credit Union would cost a maximum of £67 (26.8% APR) – saving you over £343.
Both Catalyst Housing and our charitable arm Catalyst Gateway are supporting the credit union as it will benefit our residents by helping improve their finances.
We’ll update you on progress and how residents can join in the next edition of Here & Now. In the meantime, if you’d like to find out more visit the website www.kccu.co.uk or call 020 8354 5663.