A countywide credit union marked a new era in Alnwick on Monday, as it opened its first paying-in point (PiP) in the town.
Northumberland Credit Union (NCU) members – anyone living or working in Northumberland can join – can now go along to St Paul’s Church every Monday, between 1pm and 3pm, to pay into their savings and, in due course, their loan repayments.
Interest on credit union loans is just one per cent a month, or 12.7 per cent APR.
But there’s no penalty for early repayment, so £200 repaid the following month would cost just £2 in interest.
Ed Sweeney, who is leading the volunteers running the new PiP, said: “This is a really great opportunity for people in Alnwick and I’m really excited about it.”
The first customer at the new PiP was Clare Mills.
“Credit unions are a great way for people to get in the habit of saving and at the same time helping other people in our community who might need to borrow some money,” she said. “Anyone can find themselves short of money and needing a loan for an unexpected bill, and if they are a member of the credit union then they can come here for a much lower-cost loan.
“It’s great to see the credit union now has a regular place in Alnwick for people to come and open accounts, pay in money and sort out low-cost loans.”