Surrey’s new community bank, SurreySave Credit Union, welcomed Woking MP Jonathan Lord and Council Leader John Kingsbury to its Woking headquarters last Friday to thank them for their support and explain how the cooperative is fighting back against pay-day lenders and loan sharks.
SurreySave Credit Union is a co-operative, owned and controlled by its members. It provides fair and affordable financial services to all who live or work in Surrey or Kingston.
As a credit union, SurreySave is regulated by the Financial Services Authority and all deposits are covered by the Financial Services Compensation scheme. SurreySave offers online application, a friendly service with quick decisions, no hidden charges or early repayment penalties and free loan protection and life savings protection. It has cheaper loan rates than traditional high-cost lenders.
Michelle Dollard, Chief Executive of SurreySave, said: “Our experience so far shows that people of all means are struggling in the current financial climate; even those who have never had problems obtaining credit in the past now find many doors closed to them and end up turning to high cost lenders. SurreySave offers online membership and loan applications, with a decision within 24 hours.”
Jonathan said: “I am pleased to support a community organisation that provides much-needed accessible financial services at a time when so many people are struggling financially. I like it that any money saved with SurreySave or repaid through loan interest stays and works in the local community”.
John added: “The impending changes to welfare benefits will make it more important than ever that people are helped to manage their money. SurreySave offers affordable finance, encourages savings, and enables people to take control of their cash."