Watford Credit Union reaches £1m loan mark

Watford Credit Union reached £1m mark

Watford Credit Union reached £1m mark

First published in News Watford Observer: Photograph of the Author by , Senior Reporter

Watford Credit Union has given out £1 million in small loans to people in the area.

The not for profit volunteer-run organisation has been helping members to save and borrow since 2002.

Steve Harvey, chair of Watford Credit Union, said: "We are pleased to reach £1 million in loans as it shows that we really are an alternative to doorstep and payday lenders, who charge eye-watering rates compared to us.

"We’ve seen more and more people of all incomes coming to the credit union in recent years and our membership has grown to 800. It’s a sign that people are starting to take more care of their money since the financial crisis and realising that Watford Credit Union is not a ‘poor people's bank’ - they like the flexibility and low interest rates of our loans."

The Union offers a savings account and low-cost loans to anyone over 18 who lives, works or studies in the WD postcode area. Members can join with a £1 entry fee and minimum deposit of at least £1.

Once they have saved regularly for at least 13 weeks, members can apply for a loan of up to three times their savings, at an interest rate of 1% per month on the decreasing balance.

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