Brighton credit union offers debt lifeline
A Brighton-based credit union is holding an information afternoon to offer people a financial lifeline and an alternative to loan sharks.
The event is being held to help people learn about the low-cost loans available from the East Sussex Credit Union, which has its offices in Community Base, in Queen’s Road, Brighton.
The credit union also encourages members to save and, with more than 3,500 members, has become one of the biggest in the country.
The information event is being organised by the credit union, the Bishop of Horsham Mark Sowerby and Brighton and Hove City Council which is investing £90,000 a year in the credit union over the next two years.
The council said that it hoped to help vulnerable people and tackle inequality, adding: “Credit unions offer valuable support to people who are struggling financially, many of whom have no easy access to bank accounts or low-cost credit.
Councillor Ian Davey
“They are an alternative to high-cost lenders who charge exorbitant rates of interest and who often have very restrictive terms and conditions.
“Because they are not-for-profit organisations, credit unions can offer affordable loans as well as advice, guidance and financial education.”
Representatives of the credit union will be on hand at the event in Jubilee Library, in Brighton, on Friday 14 November from 2pm to 4pm.
They will be there to answer questions and enable people to become members on the spot.
The deputy leader of the council, Ian Davey, said: “More and more people are suffering with spiralling debt with no access to mainstream credit and banking services.”
Councillor Davey said: “I believe the East Sussex Credit Union could potentially help thousands more local people.
“We want to spread the word that in this city there is an affordable and ethical local alternative to loan sharks.”
Anyone wanting to join the credit union at the event itself will need to bring proof of ID such as a driving licence or work ID card and proof of address.
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Is it true that they charge almost 50% interest?