H&F Credit Union signs up 600th customer in five months » Housing » 24dash.com

It only took five months for Fulham's only not-for-profit credit union to sign up its 600th customer.

H&F Credit Union opened its doors in North End Road in December last year. Since then the community bank launched with the backing of H&F Council has won local support by offering banking services but letting its customers own a share of the business.

This comes at a time when high street banks are slow to pass on interest rate cuts to customers and the credit crunch continues to bite.

Luckily for its customers, the H&F Credit Union is at last bringing some financial joy in these tough economic times by enabling residents to access straightforward, affordable financial services from an organisation that is managed locally and strives to operate ethically.

As well as welcoming more than 600 people through its doors, H&F Credit Union has granted more than 50 loans worth over £30,000.

Anyone who lives or works in the borough can become a member and benefit from a range of services it provides, such as saving schemes and affordable loans.

All members' money is guaranteed by the Financial Services Compensation Scheme so the credit union is a safe and ethical place to save and borrow.

Member Janet Townley, 27, of Shepherds Bush, said: "I've found banking with the credit union to be a great experience.

"I got a small loan and paid it back in less than six months. I'm saving some of my benefits and I am really surprised how quickly it adds up.

"The loans are easy to understand and the staff make everything clear. I'm really glad I have the credit union because in the past it cost me so much to borrow and now I know I can get the amounts I need in a way that does not affect me negatively. I really recommend it."

In the UK, credit unions provide credit for only one per cent of the population. And yet there are more than 42,000 credit unions worldwide, with more than 160million members.

H&F Credit Union chairman Vincent Thomas said: "It has gone from strength to strength since the launch.

"We have attracted a lot of ethical investors who are saving with a credit union not only to make a profit but also to benefit the wider community.

"We've also given out lots of affordable loans that have made a big difference to people's lives during this financial crisis.

"We pride ourselves on being honest and up front with people and not selling them products that will make them poorer."

The first person to sign up to the credit union was H&F Council leader Stephen Greenhalgh, who said: "I am delighted that it has proven to be so popular.

"High levels of personal debt is one of the pathways to poverty for many people and is a serious social problem.

"I want to encourage people to save rather than the prevailing 'buy now, pay later' credit card culture.

"The credit union is a fantastic place for savers and it is great news for our residents as we strive to become your Borough of Opportunity."