SEDGEMOOR’S credit union has welcomed an initiative by the Archbishop of Canterbury.
Bridgwater and District Credit Union welcomed the announcement by Justin Welby, the Archbishop of Canterbury, in launching the Church Credit Champions Network to provide an alternative to payday loans companies.
Alison Palmer, chairman of the credit union, said: “Credit Unions give local people the opportunity to save and borrow wisely, and any initiative to make our services better known is good news.
“With a Credit Union, savers' money is used to provide loans, and profits are shared by members.
“This means all money stays in Sedgemoor; in contrast to commercial loans companies. Funds are protected by the Financial Services Compensation Scheme. We look forward to the pilot scheme being rolled out in the South West as quickly as possible.”
Bridgwater and District Credit Union is open to all who live or work in Sedgemoor.