Joan Walley MP backs credit union

Joan Walley MP is urging people to pledge their support for setting up a credit union in North Staffordshire. Credit unions are co-operatives which offer loans at very low interest rates, often to people who are unable to receive loans from high street banks. A recent report by Experian Ltd ranked Stoke-on-Trent first in a league table of financial exclusion and loan sharks actively target those who are unable to get credit.

Loan sharks often charge interest as high as 1000%. A credit union has long been talked about as a solution to decreasing levels of financial exclusion and the final stages are being completed to the application to the Financial Services Authority. However, in order to receive approval the application must have at least 700 people pledging their support. The pledge doesn't bind anybody to further actions and the form can be downloaded from www.nscu.co.uk.

Ms Walley said "setting up a credit union is vital in helping some of the poorest people in our city. Loan sharks prey on such people and inevitably leave them worse off than before. A credit union is a non-profit making company whose aim is to help those in financial difficulty. I fully support a credit union in North Staffordshire and I urge people to pledge their support"