East Sussex Credit Union is opening in Eastbourne this month making it easier for the local community to save money and apply for loans.
The Credit Union, a savings and loans provider with an ethical and local difference, is now operating in the Council’s Customer Contact Centre at 1 Grove Road.
Every Tuesday from 10am-1pm a local East Sussex Credit Union volunteer will be based in the reception of Eastbourne Borough Council’s offices at 1 Grove Road. They will be available to talk to people about the Credit Union and help open a savings account or apply for a loan.
In a statement, Councillor Bannister, the Chair of the Eastbourne Credit Crunch Task Group said, “Just like banks and building societies, Credit Unions are regulated by the Financial Services Authority (FSA). Their compensation scheme will keep members’ savings safe, whatever happens. Credit Unions are owned and controlled by their members and only exist to serve their needs. We warmly welcome the East Sussex Credit Union into Eastbourne.”
The Credit Union makes it easy for anyone to save - you do not even need a bank account. You can pay money in whenever you like and just by saving as little as a few pounds a week can help to save for important purchases in the future.
By saving with a Credit Union you can also help your money sustain and grow. The more people that save with them, the more the Credit Union will be able to offer loans to local people that may have been refused elsewhere. This helps to combat poverty and keeps local money, local.
So if you are finding it hard to get a loan from high street banks, borrowing from the Credit Union may be the answer and it is a safer alternative to loan sharks.
Payments can be made into your savings account in many newsagents or Post Offices using a Pay Point card or you can set up a standing order through your bank or building society.
