Tory MP praises Brent Council’s credit union initiative
- Credit: Archant
Grand Shapps gives town hall project the thumbs up
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.
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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.
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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.”