Adrian Sanders MP has joined Torbay’s credit union, and is encouraging others to do the same.
The community group, Hele’s Angels, launched a credit union in 2012. Their Plough & Share scheme has had an impressive impact on the local community, and this has only been running for a year.
Fifty two loans have been granted at an average of £869 per loan, and it is estimated that the organisation has saved people £98,783 per year in interest when compared to the doorstep lender.
Adrian is encouraging others to invest.
“If those who can afford to can put a small sum away with the credit union, more people will be able to avoid pay-day loan companies,” he said.
“Hele’s Angels are committed to bringing the community closer together and promoting a sense of belonging. They do amazing work in the local community and this scheme is helping them to do even more.”