Rainbow Savers credit union has saved people in Fenland £27,645 in interest payments, its director claims
PUBLISHED: 14:18 04 September 2014 | UPDATED: 14:18 04 September 2014
People who borrowed money from a Fenland credit union forked out £27,645 less in interest payments than they would have done if they had used payday or doorstep lenders, it is claimed.
Sally Chicken, director of Rainbow Anglia Savers, revealed the figure at a get-together of volunteers held to celebrate their first year’s achievements.
It was reached using a Department of Work and Pensions formula which enables credit unions to show the extra benefits of becoming a member.
Ms Chicken said that those who borrowed £300 from Rainbow Savers and repaid it at £9 per week would spend £30-£50 in interest. By contrast, those using a doorstep lender for the same amount would incur interest costs of about £250.
Rainbow Savers’ membership in Fenland rose by 145 per cent in the 15 months after it had opened branches in Wisbech and March.
Rainbow Savers collection points in Wisbech are at the Rosmini Centre (open Tuesdays, 2-4pm), the Oasis Centre (Thursdays, 12 noon-2pm) and Barclays Bank (by appointment, usually on the third or fourth Thursday in the month).
The one in March is at the Fenland @ your service shop each Wednesday (10am-2pm).