Fusion Credit Union, the local not- for -profit savings and loans co-operative has announced record levels of savings deposited by members.
“Our loans are also at record levels, but we still have over £30,000 available for qualifying members to borrow.” says President, Pete Selwyn,
Anyone who either lives or works within the Lichfield District Council area can become a member, start saving, and apply for a loan. A members first loan can be any amount up to £500. Subsequent loans can be up to £2,000 available.
“Our aim”, says Pete “is to help people who can ill-afford high cost loans from doorstep lenders, pay day loan companies or loan sharks.
Recently, we heard from a lady who had a loan from a doorstep lender for £1,000 over 55 weeks where the interest payments were over £700. An equivalent loan from Fusion would have cost her less than £90 in interest.”
“We interview every applicant so that we ensure that we only lend what the member can afford to repay. Our interest rate is fixed at 1% per month (12.68% APR).
Fusion Credit Union is run entirely by volunteers and is supported by Lichfield District Council and other funding agencies. Collection Points are operated in locations across the District
So, if you are worried about the cost of Christmas or paying the Credit Card bill in January, give Fusion a call.
