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Credit union set to launch
4:15pm Friday 16th August 2013 in News
A credit union which aims to offer an alternative to payday lenders will hold its first meeting at Ramsbottom Library, Carr Street, on Tuesday.
Mid Rossendale Credit Union has been granted a license to operate in the wards that make up the Bury North constituency, including Church, East, Elton, Moorside, North Manor, Ramsbottom, Redvales and Tottington.
The meeting will set out what the credit union can offer, and hopes to attract volunteers to help with administration and over the counter services.
There are plans for a branch to be opened at Ramsbottom Library from September every Monday from 10.30am to 1.30pm, but residents can join the union at their office in Bacup Road, Rawtenstall, before then.
Amanda Robertson, director of Mid Rossendale Credit Union, said: “Bury is the only borough without a credit union and we knew there was a need.
We kept getting lots of calls from people in Ramsbottom trying to join but we couldn’t let them because they weren’t in our area.
“We know there is a great need and we are getting busier and busier.”
The credit union provides loans at a much lower rate than short- term sources of credit with a maximum interest rate of 26.82 APR, and also the opportunity to save money with them.
Plans for a credit union across the whole of Bury are also in motion, with Bury Council and Six Town Housing working together to provide safer access to credit.
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