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Credit Union coming to Stowmarket

A new place to save and borrow money is being launched in Stowmarket on March 6.

Ipswich and Suffolk Credit Union (ISCU) is setting up an information and collection point at the Adult Learning Centre in Ipswich Street.

The credit union will provide a safe place for savings as well as offering borrowing rates far lower than pay day loans or loan sharks.

Those with savings can apply for a pre-paid debit card which works like other bank cards. ISCU currently holds savings of more than £800,000 and has handed out 1,200 loans to its members.

Around 300 members already have pre-paid cards.

Mid Suffolk councillor John Matthissen, who has been working to raise the profile of the ISCU in Mid Suffolk, said: “Everyone involved is concerned about the impact of payday lending with its excessive interest rates, rapidly expanding as austerity hits people who are not well-off.

“The Mid Suffolk Citizens Advice Bureau, and other advisors, are seeing clients with huge debts which they cannot pay off.

“Newspapers report homes being lost and people driven to crime to keep bailiffs at bay.

“I urge Suffolk residents to join the Credit Union and just put a little away each week or month.

“That way, when they need a loan, our interest rate will be even lower.”

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