Credit union to open in September

by Hammersmith and Fulham Press Office
08/07/2008

With interest rates and the cost of living soaring, there's finally some economic joy for residents of Hammersmith and Fulham with the news that the H and F Credit Union will be opening its doors to the public this autumn.

A credit union is a financial institution that is co-operatively owned and controlled by its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of it. 

The H&F Credit Union will offer reasonably priced loans, financial services and a safe, ethical place to save that benefits the local community.

Speaking about the forthcoming opening, Stephen Greenhalgh, Leader of the Council said: “Times are not easy and we are all feeling the economic strain. While the borough is thriving, personal debt is at a record high and is one of the most serious social problems facing us today. The credit union can at last bring some financial joy as it means that residents can access straightforward, affordable financial services from an organisation that is managed locally, and operates on a not-for-profit basis.

“This really is great news for our residents as Hammersmith & Fulham strives to become a Borough of Opportunity and a step towards getting the loan sharks of our estates. The establishment of H&F Credit Union can help alleviate many of the current economic difficulties and can help people make the most of their lives.”

In the UK, credit unions provide credit for only 1 per-cent of the population. And yet, there are more than 42,000 credit unions worldwide, with over 160 million members

Anyone interested in finding out more about H&F Credit Union, volunteering or becoming a director can contact Eugene Waters on 020 8357 4587 or log onto the credit union website www.hfcu.co.uk