Tory MP praises Brent Council’s credit union initiative
Credit unions offer residents a low interest loans - Credit: Archant
Grand Shapps gives town hall project the thumbs up
Grant Shapps with Simon Marcus, Conservative parliamentary candidate for Hampstead & Kilburn (Pictue: Polly Hancock) - Credit: Archant
Conservative party chairman Grant Shapps has praised a council initiative to encourage people to use credit unions.
In a bid to tackle the amount of people using high interest cash loan companies, Brent Council recently launched a drive to encourage people to sign up for the service which Mr Shapps said he “whole heartedly condoned”.
He told the Times: “Credit Unions are a fantastic and sensible service; I am a member of my own local branch and would encourage people to sign up.”
credit unions are a member owned organisation which claim to serve people ahead of profit.
You may also want to watch:
They offer a range of services including fixed interest loans and also support community development.
A credit union’s policies around interest rates are set by a volunteer Board of Directors elected by members.
Most Read
- 1 Men jailed after Leon Maxwell gunned down in Queensbury
- 2 Human remains found in Neasden believed to be missing Agnes Akom
- 3 Appeal for information after man shot in Stonebridge
- 4 Search continues for Agnes Akom after human remains found in Neasden
- 5 Two arrests after man shot and teenager stabbed in Queen's Park
- 6 'Piercing scream' heard night two sisters killed in Kingsbury park
- 7 Mass vaccination event taking place at Bridge Park Community Centre
- 8 Jailed: Dollis Hill man who had submachine gun, over £200k cash and drugs
- 9 Man to appear at Old Bailey charged with murder of missing Agnes Akom
- 10 'I had to develop a thick skin': England's first black footballer Benjamin Odeje on encountering racism
Some high street cash loan companies, which have seen a marked increase across the borough, charge up to 4,000 per cent interest on borrowing and it is claimed they pray in deprived areas.
Mr Shapps added: “It’s a great way of getting people out of the slip of using loan sharks and rouge money lenders and I would encourage anyone to use them.
“I applaud Brent for their efforts on this.”
