A COVENTRY credit union is hoping a move to a more central venue will boost its profile and membership.
New Central Credit Union (NCCU), which was based in City Arcade, has opened at 41 Smithford Way – opposite Debenhams – after receiving support from the council.
Credit unions are rapidly growing in a bid to encourage people to save.
The council said it was supporting the move to mitigate the effects of welfare reform and to steer people away from relying on pay day loans.
It is helping subsidise the move and will be looking at ways to help the organisation expand.
“Credit Unions aim to put people on a stable financial footing.” said Coun Damian Gannon, cabinet member for finance.
“It operates in a way that allows people to save and borrow money with no motivation of profit.
“As a council we are really keen to work with local credit unions because we know the challenges that low income groups in the city face.
“There has been a rapid increase in the number of pay day loan websites that lure vulnerable people into a spiral of debt.”
NCCU is a member run organisation which offers loans starting from £100 – £7,500.
The Credit Union has around 1,500 adult members and 900 junior members. The organisation relies on 18 volunteers but is keen to recruit more.
The new base will be open on Monday (10am – 1pm) and Tuesday (10am – 3pm). For more information contact NCCU on 024 7663 3456.
