Escaping loan sharks

Published: 11th March, 2011

• READERS may be interested to know that MPs Emily Thornberry and Jeremy Corbyn are recent new members of Islington and City Credit Union.

Volunteers and staff are running a fortnightly outreach service at St Luke’s Centre, in Central Street, Finsbury, to raise awareness of our ethical savings and low-cost loans service.

Unlike other financial services organisations, the credit union encourages saving rather than borrowing, but offers members low-cost loans at times of need. It provides a real alternative to high-interest lenders, particularly the loan sharks. A standard loan from one well-known doorstep lender sees the borrower pay £379 in interest on a loan of just £500 over a year. 

Saving with the credit union helps people on low incomes escape the problems associated with high levels of debt.

Further information can be found at www.iccu.coop or by calling 020 7561 1786. 
Martin Groombridge
Credit Union manager, N19