Savers in Harold's own credit union are soon to reap the rewards of an easy-access saving and collection point being set up on their own doorsteps.

The credit union, set to be fully active by next year, is being formed by the Citizens Advice Bureau and although it will be based at the branch on Gooshays Drive, Harold Hill, it will serve people from all across Havering.

Members of the union are promised cash loans costing no more than one per cent interest a month through the non-profit making scheme.

Members are able to open a savings account, building up money before they may be considered for a loan, and then the maximum size of the loan depends on how much the individual has saved.

Credit Union Development Worker Martyn Warne said: "This facility makes the credit union a safe place to save and an excellent alternative to high street banking services, as well as a way of avoiding some other finance providers, charging extortionate rates of interest. "The development of our credit union is moving rapidly and it is expected that it will be operational from the middle of next year, although there is still a lot of work to be done. "We are progressing every step of the way in conjunction with the Financial Services Authority, who will be our regulator, to make sure we meet their approval before starting the business.

"It is also intended we will have officers and collection points strategically placed around the borough to make easier access to loans for members." Originally the project was set to only serve Harold Hill, but when workers at the Citizens Advice Bureau on Gooshays Drive realised there was no other service like it in Havering, they decided to extend it.

A steering group has also been formed to oversee the project and there are also plans to form a junior section for people under 18.

For more information call Martyn on 01708 763531 or visit the credit union stand at the Harold Hill Summer Fun Day on Saturday July 21 in Central Park.

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