| Dundee’s credit union is fighting to prevent people falling into the hands of loan sharks and high cost moneylenders in the city, writes Rob McLaren.
Discovery Credit Union distributed leaflets in Dundee’s Wellgate Centre today to demonstrate the benefits of borrowing money from a non-profit organisation.
Just over two years old, Dundee’s city-wide credit union has grown to include 660 members — with hopes to increase this to 1000 in the next year.
In the last year £136,835 in loans were paid out to 173 people, an average of £790 per loan.
Manager David Smith distributed leaflets about the benefits to shoppers today to mark International Credit Union Day. He said, “We want people to know there is an alternative to high-cost loans, credit cards or loan sharks.
“Discovery Credit Union is not run for profit. It is a mutual financial organisation, owned and run by members.
“We aim to help members take control of their money by encouraging them to save what they can and only borrow what they can afford to repay. Once a member has a reliable record as a saver, which usually means saving for three months, they can apply to borrow from us.
“As their savings grow, they can borrow more.”
Children at St Fergus and Brackens Primary Schools are part of Discovery Credit Union’s award-winning Save By The Bell project, which encourages youngsters to learn the value of saving at an early age.
They coloured posters, which were displayed at the Wellgate Centre today. |
