Borrow money at low rates thanks to new credit union in March

March Rainbow Savers

March Rainbow Savers - Credit: Archant

A year on from the launch of a new credit union in Wisbech a second Fen town is to get its own branch.

March Rainbow Savers, a voluntary-run service which offers low rates on small loans, is being launched in a move designed to make it easier for local people to save money.

The latest branch of the Rainbow Savers Anglia credit union will be opening for business on Wednesday, January 8, at the Fenland @ your service shop in Broad Street.

It will be there each Wednesday from 10am-2pm manned by volunteers.

It has the strong support of Fenland District Council, Roddons Housing Association, March Rotary Club and the March Children’s Centre.

Councillor Mike Cornwell, FDC’s Cabinet member responsible for vulnerable people, said: “These are tough times and many people are finding it hard to make ends meet.

“Inevitably, that increases the risk of them falling victim to loan sharks and others who charge exorbitant rates of interest. March Rainbow Savers offers a safe and reputable alternative.”

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Credit unions are cooperatives run by their members for the benefit of members. They provide an alternative to banks, building societies, doorstep lenders and payday loan companies.

They offer safe savings accounts, small loans at reasonable interest rates and free life assurance. All money paid into members’ accounts is protected by the Government’s Financial Services Compensation Scheme.

People can open an account even if they have been refused one from a bank and they can also open an account for their children.

Once new members have paid in for 13 weeks they will be able to apply for low interest loans - for example, a £300 loan repaid at £9 per week for 37 weeks will cost about £30 in interest.

Joining and opening an account will be easy, either with a paypoint card or by visiting the collection point at the shop. Paying in is easy via a paypoint card.