Credit union offers safe loans and savings

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SAVERS and borrowers in Ellon have a new facility to turn to, after the latest branch of the North East Scotland Credit Union opened on Tuesday.

The facility aims to provide sustainable borrowing and saving facilities to those who might otherwise have difficulty gaining credit, at reasonable rates and with backing from the Financial Services Authority.

Spokesman John McCrank told the Times that the facility was open to all residents of the Grampian area, and that the latest branch in Ellon had already attracted significant interest.

“We have thirty collection points across the region, and anyone can join,” he said. “We have about 1500 adult members, and 600 children who are with us, and 15 people in Ellon thus far with at least another ten interested.”

Volunteer Annette Holland added: “The aim of the union is to change people’s perceptions about credit and saving, and provide reasonably priced facilities for both.”

The union lets people save a regular sum of money before they start borrowing, which encourages good financial management. Loan rates are 12%, compared to hundreds or even thousands of percent charged by payday loan companies.

Opening times are between 10am and 11.30am on a Tuesday, at the Ythan Centre on Station Road. Anyone interested should phone 01224 588765 or e-mail info@nesco.co.uk.