Liverpool’s newest credit union has opened in Old Swan.
The credit union was officially opened by the Lord Mayor Councillor Gary Millar at the Joseph Lappin Centre in Mill Lane. It is being operated by Riverside Credit Union.
It will be opened on Tuesdays and Fridays and help local people avoid paying unaffordable credit at extortionate interest rates or running the risk of falling prey to illegal loan sharks,
“There is a real need for a credit union in this area, “said Old Swan Councillor Joanne Calvert. “There are a lot of payday lenders around here and the credit union offers a real alternative for people to borrow money with realistic rates of repayments.
“Under the current economic climate there is a real temptation for people to get loans from whatever source without thinking about the consequences. With a credit union on their doorsteps I hope hundreds of Old Swan people will make use of it, knowing that they can borrow at low interest.”
The city council has provided £1m to a consortium of seven credit unions to help support local residents and small businesses.
Pictured: Councillor Calvert and the Lord Mayor at the opening of Old Swan credit union.