Plymouth Community Homes supports new Credit Union shop
Published by Louise Manico for Plymouth Community Homes in Care and Support and also in Bill Payments, Local Government
Resident getting advice
A new city centre shop for the City of Plymouth Credit Union has been opened.
The Frankfort Gate premises – owned by us – has been chosen so people can get easy access to the credit union and financial services.
The credit union, which is open to all, offers affordable lending, savings, budget accounts and direct payments for landlords.
All savings are covered by the Financial Services Compensation Scheme and all savings and loans come with free life insurance.
We have offered discounted rent to the credit union and the city council has funded the refurbishment of the shop.
Paul Williams, Manager of the Plymouth Credit Union, said: "This will give people in Plymouth and within a 20-mile radius a real alternative when it comes to savings and affordable loans."
Sue Shaw, Director of Homes and Neighbourhoods at PCH, said: "We’re happy to support the credit union and welcome them as one of our neighbours in Frankfort Gate.
"They are performing a vital role in difficult times. We know that many of our tenants are often tempted to turn to ‘payday lenders’ for loans without realising the shockingly high rates of interest they are being charged. For families already in debt, this can make their situation even worse.
"The credit union offers a much more sensible alternative for people who need to borrow money as their interest rates are much lower.
"They will be a positive addition to the range of shops and services in Frankfort Gate and we look forward to working with them."
Cllr Chris Penberthy, the city council’s Cabinet Member for Co-operatives and Community Development, said: "We have invested in the shop so a new, full-time credit union outlet can operate in the heart of the city.
"We know that people often need financial advice and it is important that the credit union is easy for people to reach. Being right in the city centre this shop is well placed to help people."
The City of Plymouth Credit Union is a not for profit, member-owned financial organisation which already has one other shop in Plymouth.