South Lakeland Credit Union Launched By Tim Farron

Tim Farron MP launched a new credit union yesterday, to provide local people with an alternative to high-street banks and lenders.

Tim launched the South Lakeland Credit Union yesterday at Kendal College, at an event attended by the Mayor of Kendal Chris Hogg, SLDC leader Peter Thornton, Police and Crime Commissioner Richard Rhodes and the High Sheriff Sam Rayner.

The South Lakeland Credit Union is a not-for-profit community bank, which aims to help members save, borrow and share profits. The Credit Union will provide members with a means of accessing loans at reasonable rates of interest, with the interest charged then used to pay a dividend to members. At the moment, those who need to borrow money to cover themselves in the case of unexpected events can end up paying extortionate interest rates.

The Credit Union's services will be available online, as well as through 'access points' based in local community centres. Access points are currently being trialled in Kendal at Sandylands Methodist Church and the Parish Hall, and there are plans to add other locations.

Tim said: "I was pleased to launch the South Lakeland Credit Union, and excited about the possibilities this opens up for local people.

"It is good to see big banks and payday lenders being challenged, and people being given a real alternative.

"The Credit Union will provide the people of South Lakeland with a locally-based, not-for-profit way of saving and borrowing, which will help to strengthen our community and our economy.

"I would like to thank all those who have been involved in setting this up. Their work has been invaluable and will make a real difference to local people."