H&F Unsung Heros - H&F Credit Union

Hammersmith & Fulham could soon have a credit union.  An application has been submitted to the Financial Services Authority for such a union.  A decision is expected at the end of August.

The new scheme would offer affordable loans to residents who can be taken advantage of by unscrupulous lenders, and a way for savers to invest in their community.  The credit union will also provide free financial advice.  Anyone living or working in Hammersmith & Fulham will be able to join.

It will be owned and managed locally and will operate on a not-for-profit basis with the surplus being returned to members.  It will hopefully mean an end to doorstep lenders or loan sharks that charge outrageous levels of interest who are often the only option for residents who need money quickly.

The union has my full support.  The split between rich and poor in our borough has never been bigger - a third of residents earn less than £10,000 a year.  It will give those at the bottom end an opportunity to access good financial products and become a voice they can trust.  This sort of scheme allows people to better themselves and promotes social mobility.  Anything that gives people the confidence to progress and obtain a stake in the economy is a good thing.

The union has received 1400 pledges of support so far. To find out more visit www.hf-creditunion.co.uk or call 020 8357 4855.

Comments

[Sam Michel]

Great news! Hammersmith & Fulham Credit Union has now been approved by the FSA, and will open its doors in a few months.

There's more information at its new website:

http://www.hfcu.co.uk

where you can also pledge support or sign-up to volunteer. Couldn't be better time for a responsible social lender that's owned by the local community.