TAKING CONTROL OF OUR MONEY
Newington Credit Union
In the past, a significant number of Newington residents have struggled to manage their finances and many have been caught out by doorstep lenders and loan sharks. Finally, this is changing, as we begin to offer support and advice to help people with their money.
In 2014, we opened the Newington Credit Union – a branch of Kent Savers operating out of our Green Roof Shelter. Kent Savers has agreed to train residents in the establishment and management of our branch, which is open every day and follows the model of Murston Community Bank in Sittigbourne, Kent. Our ambition is for the Credit Union to become a lender of choice, and to eventually eliminate door-step lending in the area.
A Credit Union is similar to a bank but unlike a high street bank it is run and owned by its members and serves the community rather than working purely for profit. The Union promotes saving and provides residents with loans at reasonable rates, so that they feel in control of their own money. It’s a safer and cheaper alternative to other money lending sources, including payday loans, doorstep lenders and loan sharks, and more accessible than high street banks, who can make it difficult for people with a poor credit history to borrow money. The scheme is there for everyone living and/or working in Newington. We aim to help revive the local economy by keeping money in the community – after all, loans to members can mean income for local shops and businesses.
At the branch members can:
- Open accounts
- Apply for loans
- Apply for an Engage account
- Make deposits
- Make small withdrawals
- Make loan repayments