Friday, 25 May 2018

Community bank plan to help people in debt

A COMMUNITY bank could be set up in Henley.

It would be a branch of the Swan Credit Union which will help residents save and borrow money.

Credit unions are designed to help those who have difficulty in accessing bank services or as an alternative to pay day loans.

Members of the union can choose to save as much or as little as they can afford and a dividend of up to a maximum eight per cent is paid once a year.

Some credit union loans will charge no more than one per cent per month on the reducing balance of the loan. Some may charge less but are restricted by law to charge no more than 2 per cent per month on reducing the balance.

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