EDINBURGH CHURCH TAKES UP THE ‘WAR ON WONGA’
The City of Edinburgh Methodist Church is taking a stand against payday lenders by joining forces with a local credit union to bring fair and affordable savings, mortgages and loans to church members and the wider community. The church will promote the financial services of Capital Credit Union, an experienced Edinburgh-based credit union. This partnership is the first of its type in the city.
As with all credit unions, members are required to save a specific amount each week, which is then pooled and can be loaned out again at low interest rates. Information sessions will be held at the church on a weekly basis and run by church staff and specially-trained church volunteers.
The credit union partnership is officially launched at 6pm on 19 July at an event at the church’s Well Café at Nicolson Square in Edinburgh.
Belinda Letby, minster of the City of Edinburgh Methodist Church, says:
“As a church, we see every day how tough times have been over the last few years for our members – and not only for them, but for their families and the community around us. We want to help protect people from predatory payday lenders, who seem to offer a quick way out, when in reality they not only prolong but exacerbate the problem. The wonderful thing about credit unions is that all members save, so they will always have something to fall back on. This, more than anything else, is why we have set up the credit union, because we believe that by working together we can help prevent problems before they even arise.”
Capital Credit Union CEO, Marlene Shiels, says:
“We are incredibly proud to be in a position to work with the City of Edinburgh Methodist Church in this way. Credit unions are built on the ethos of people helping people, and this is a perfect illustration of our philosophy in action.”