Wisbech Savers credit union opens for business
- Credit: Archant
A NEW credit union designed to make it easier for people to save money and obtain small loans opened in Wisbech this week.
Wisbech Savers, a new branch of the Rainbow Saver Anglia Credit Union, is being backed by Fenland District Council, with strong support from Wisbech councillors.
There will be two “collection points”, where people will be able to open accounts. They are at the Oasis Centre every Monday from 2-4pm and at the Rosmini Centre on Tuesdays from 2-4pm.
They will be manned by about 25 volunteers, who have undergone special training.
Councillor David Oliver, the council’s portfolio holder responsible for Wisbech affairs, said: “In these very tough times many people are finding it hard to make ends meet and it is all too easy for them to fall victim to loan sharks and others charging exorbitant rates of interest. This offers a safe alternative.”
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Credit unions are co-operatives run by members for the benefit of its members. They provide an alternative to banks, building societies, doorstep lenders and payday loan companies.
One of the credit union’s aims will be to help people who have difficulty opening a bank account, including migrant workers who have recently arrived in the area.
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Aigars Balsevics, one of the volunteers, said: “This will be very good in helping people to save money and stopping them from having to go to loan sharks and other moneylenders.
“There are so many people who live in HMOs [houses of multiple occupation], for example, who can’t get bank accounts, so for them it is very important. I feel very passionate about supporting this.”