This in from the council, in their own words. Ed
Members of the Isle of Wight Credit Union – which is now called United Savings & Loans – will be based at Ryde and Sandown help centres at set times each week.
Where and when
Representatives will be at Ryde help centre, which is in Ryde Library, every Monday, Tuesday and Friday between 10am and 3pm. They will also be at Sandown’s help centre, which is next to The Heights Leisure Centre, every Wednesday and Thursday also between 10am and 3pm.
The Credit Union offers more affordable loans which are aimed at encouraging Islanders to not take out loans at high street or web based providers, which can charge very high rates of interest. The council also hopes people will not be tempted to borrow money from loan sharks.
Residents can also get advice about financial products or opening a bank account if they have had difficulties in the past, such as a poor credit score.
Valuable advice and information
Councillor Steve Stubbings is the council’s deputy leader and said:
“With the new Universal Credit’s being brought in, which is a single benefits payment instead of several smaller ones, it is important people budget properly and are not tempted to take out high interest loans or are targeted by loan sharks.
“The Isle of Wight Credit Union is a not for profit organisation and its staff can give very valuable advice and information on taking out loans, how to save and help with opening a bank account. We are very pleased to be working alongside the Credit Union and having the service based in two council help centres during the week also helps people with travel arrangements.”
The Credit Union also has a main office based in Pyle Street in Newport.
Image: lendingmemo under CC BY 2.0
