NE First Credit Union moves branch
15 Dec 17
The leisure centre is an accessible, private location, at which residents of Newton Aycliffe can now access the credit union’s vital services right in the heart of the community. By moving into the library, NE First aims to make it much easier for people to access their services. The move will also help battle the fight against people avoiding high interest – rates from payday lenders such as Brighthouse and Wonga.
Durham County Council’s cabinet member for economic regeneration, Councillor Carl Marshall, said: “Over the last three years NEFirst have helped many people save, but also borrow at a fair interest rate, so avoiding the high cost payday and doorstep lenders who charge much more in interest.
“For example, a year- long loan of £500 from an established high-cost lender could cost borrowers over £400 in interest, whereas through NEFirst Credit Union, the total cost of the loan would only be £49 in interest.
“With these high cost lenders and weekly payment stores still overused in Newton Aycliffe, the credit union is a welcome service; helping people to avoid getting into deeper debt.
“When money is saved into the credit union, that money can be used to help people in the community borrow at a fair interest rate. Any profit or surplus the organisation makes during the financial year is shared with members as dividend”