Credit Unions received strong endorsement recently by a prominent banker earlier this month, along with backing from Angus SNP MP Mike Weir.
Professor Charles Munn, former chief executive of the Chartered Institute of Bankers in Scotland, told the annual gathering of the Church of Scotland that capping interest rates would be the greatest aid to Scotland’s poor. Addressing 900 church leaders in Edinburgh recently, Professor Munn attacked legal loan sharks and doorstep lenders. He told the Kirk’s leaders that credit unions are ideally suited to help people in financial difficulty as they encourage saving and provide loans at low rates. Asked how much the Kirk should give to Scotland’s 120 credit unions, Professor Munn replied “a lot”.
Angus Credit Union welcomed the news. Chairman of Angus Credit Union, Andrew Dawson, said: “We look forward to working closely with the local churches in the interests of people facing financial difficulty.”
Mr Weir added: “Credit unions not only encourage savings and responsible lending, but also ensure that money stays in the local area. They are a real alternative for those who wish to borrow relatively small amounts. The mainstream banks are, frankly, not interested in such people, and many have no alternative to predatory lenders charging immoral rates of interest. I urge local people to join their local credit union. The more of us there are, the stronger it will become.”
Angus Credit Union can be contacted on 01307 463388 or firstname.lastname@example.org