Court now home to credit union HQ
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A SAVINGS and loans organisation aimed at offering a safe haven for people’s finances has moved into new headquarters in Portishead.
North Somerset Credit Union was created nine years ago to help encourage saving and low-cost borrowing in the hope of putting people off borrowing from loan sharks and pay day loan companies.
Until recently it was based in Weston, where it provided financial services including loans ranging from £200 to £5,000 at rates well below those offered by doorstep lenders.
However, it was in need of a newer, bigger base from which it could cover a much wider area.
The co-operative acts as a safe haven for people’s savings and is owned and controlled by its members.
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It has now been renamed Somerset Savings and Loans and has been relocated to Kestrel Court in Harbour Road.
Members in Weston are still able to access their money and its services at an information station in the town.
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Chairman Paul Marsh said: “More and more people have to rely on pay day loans or short-term finance as the realities of the recession bite.
“The credit union is a way for people to break out of that cycle by forming a partnership where they can borrow money over a longer period at reasonable interest rates.
“It also means that people can invest their savings in their local area.
“We offer a way for communities to help themselves with those with a bit of spare cash saving and those who need money able to borrow on reasonable terms. It is a way to save safely and borrow wisely.
“We have changed the name to better reflect what we do as we are now attracting members across a wider area.”
The Credit Union is a co-operative organisation where all money is invested locally, keeping money circulating within the local economy.
To find out more call 01275 390649 or visit www.somersetsavingsandloans.org.uk