Credit Union "pops-up" in Sutton

The UK’s first “pop-up” credit union opened in a Sutton street today to help people with financial worries – and stop them being ripped off by loan sharks and doorstep lenders.The outdoors office, complete with desks, chairs, filing cabinets and computers, was set up in Sutton High Street to mark the launch of the Sutton Credit Union. “Pop-ups” are a trend where businesses spring up in unexpected locations for a limited amount of time. There have been pop-up shops, restaurants, art galleries and bars before but this is believed to be the UK’s first pop-up credit union.

Shoppers were able to obtain financial advice from experts as well as sign up for the new venture, which offers residents an easy savings scheme, cheap and flexible loan options and free life insurance. Among the first to sign up today were Sutton Council Leader Sean Brennan and the borough’s two MPs, Tom Brake and Paul Burstow.

Cllr Brennan said: “The credit union is a brilliant example of how local people can work together to make a huge difference to their local communities.“The recession has made it difficult for many ordinary people to access credit just when they need it most. The credit union is different; as well as helping members save money, it also provide loans at affordable rates so they can avoid high-interest doorstep lenders or loan sharks who cause misery.”

Mr Burstow said: “A credit union is a simple idea which will make a big difference to a lot of people. It allows people to plan and save and control their finances. It strikes a big blow against loan sharks because it offers a safe alternative.” And Mr Brake added: “It’s a great, safe and secure way for people, particularly on low incomes, to borrow money at low interest rates in a way that’s affordable. It’s a great community initiative and I hope many thousands of people will sign up.”

As a co-operative, the credit union is run by local people with no outside shareholders - meaning any profit is passed onto members, so keeping the money in the local community.   Membership is open to anyone aged 16 or over who lives, works or studies in Sutton. The credit union also has a junior savers scheme to encourage young people to get into the habit of saving.

Operations Manager Helen Mason said: “A credit union is an excellent form of ethical investment, with every pound of savings being used to provide a real alternative to high interest and unscrupulous lenders. “Because we’re a co-operative, our service is friendly and flexible, with a real human face. It recognises the needs of ordinary people, and treats people as individuals.”

The credit union is also being supported by Sutton Housing Partnership, which manages the borough’s 8,000 tenants and leaseholders properties.  

Chief Executive Andrew Taylor said: “This is great news for residents, especially in these difficult times. “Often it is the most vulnerable groups in our communities that need a little financial help, but they are turned away by banks and are driven into taking out high interest loans or using loan sharks, making their circumstances even more difficult.”

Authorised and regulated by the FSA, the credit union provides a safe way to save. Every penny of savings is covered by the Financial Services Compensation Scheme in the unlikely event of failure.  

* To find out more why not see a member of the credit union customer service team, based at the Civic Offices in St Nicholas Way, Sutton, every Friday between 10am and 3pm. No appointments are necessary.
Or call 020 8760 5711, email cu-info@btconnect.com| or visit  www.croydonsavers.co.uk|