H&F Credit Union protecting residents from payday lenders

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Image captionLauren Graham (right) helps Cllr Lisa Homan open a new credit union account

More and more residents are taking advantage of H&F’s credit union and avoiding unscrupulous lenders, with more than £720,000 loaned at low cost in the past year.

Savers in Hammersmith & Fulham have deposited more than £690,000, all getting a competitive 1 per cent.

London Plus Credit Union is backed by Hammersmith & Fulham Council. The not-for-profit organisation has branches in the north and the south of the borough and anybody can join. It specialises in helping those whose poor credit history means other types of credit are unavailable.

Cllr Lisa Homan, H&F Cabinet Member for Housing, is so impressed with their work she opened up her own savings account this week 

“Whether taking a loan or saving money, it’s great to see so many residents getting a better deal thanks to London Plus Credit Union.” 

“If you struggle to get a loan from high street banks, the credit union is here to help you avoid the extortionate rates offered by unscrupulous money lenders.”

More than 10 per cent of council tenants have now signed up, about 1,200 people.

Although the largest recent rise has been among council tenants, anybody can join London Plus Credit Union. About 1,500 residents who are not council tenants have done so, helping them avoid unscrupulous money lenders’ sky high interest and get competitive rates on their savings.

London Plus Credit Union has an online calculator so you can get an idea of how much a loan will cost before you get in touch. 

Loan interest is calculated on a reducing balance and there are no penalties for early repayment. All loans are insured and offered without the requirement to save first.  

Whether you’re borrowing or saving we can give you fair interest rates to help you make the most of your money,” said Leon Graham, general manager of London Plus Credit Union.

“We have different types of loans and savings to suit every pocket and we’re keen to help even more people. Give our friendly team a call or visit our website to find out how you can benefit.”

London Plus Credit Union has two branches, One in North End Road, Fulham and the other in New Zealand Way, White City. You can find out more on the London Plus Credit Union website or call them on 020 471 2620.

It is among a range of support in the borough which help residents with financial and other advice. You can find out more on H&F Advice centres

Image caption: Cllr Lisa Homan (centre) with Leon Graham and Lauren Graham

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