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Credit union to help struggling residents avoid pay-day loans
10:00am Thursday 30th January 2014 in News
A CREDIT union is being set up in Tendring in a bid to prevent struggling residents falling into the clutches of pay-day loan companies and loan sharks.
Acting Tendring Council leader Paul Honeywood hopes the move will help people steer clear of high-interest lenders.
He said many residents were struggling to make ends meets in the current economic climate, and being forced take on high-interest loans.
“I think this is a very good idea to bring forward in Tendring,” said Mr Honeywood.
“We have done work in the past to stop loan sharks.
“But I think a credit union will help people who have got problems and help struggling people to save.
“Because of the socio-economic make up of the district this will be a big help for some people.”
Tendring Council has had discussions with two credit unions that are already operating in the county, as well as other organisations.
Council officers will now look at the options available and how residents will access the service.