On a recent visit to Kernow Credit Union George Eustice MP was so impressed with the service on offer that he decided to join.
With a rise in the number of pay-day loans and doorstep lenders, George Eustice MP is encouraging people to visit their local credit union. The Kernow Credit Union are based in Redruth, but have offices across the County, and offer a dividend on savings, as well as cheap and flexible loans. They are supported by Cornwall Council and, after a forthcoming merger with the Liskeard and Camelford Unions, will have around 1650 members.
Average household debt in the UK is over £8000 (excluding mortgages), often borrowed with high interest rates, however less than 1% of the country are members of Credit Unions. Compare this with 64% in the Republic of Ireland.
George Eustice said: “It is shocking how much some people in our community are having to pay for a small loan to help them cope with cost of back-to-school, special occasions, or the ups and downs of life. Often these are some of the most vulnerable and lowest paid, who are paying the most.
“Fortunately there is an alternative, as Kernow Credit Union offers small loans at reasonable rates, a fraction of what the doorstep lenders charge. We need to spread the word and let more people know about this great facility which is also on our doorstep. I hope more people will drop in to one of their offices or give them a call on 01209 314 449 next time they need a small loan or want to start saving.”
George is pictured outside the Kernow Credit Union head office in Redruth with Managing Director, Laura Fay.