Credit union moves to 'more convenient' Town Hall

The credit union providing financial services in the Royal Borough will be open for business in the Town Hall from Thursday 26 January, bringing the service into the heart of Maidenhead and making it more convenient for residents.

Community Savings and Loans (CSL) has been operating the credit union out of the Citizens Advice Bureau (CAB) offices at 4 Marlow Road for more than a year. Now, the service will be benefit from the council's town centre premises and reach even more people.

Run by volunteers and an important element of Big Society in the borough, the credit union:
• offers ethical and personal financial services to help put people back in control of their finances and steer them away from loan sharks, doorstep lenders and payday loan providers who can charge very high interest rates
• provides ethical savings opportunities for those who want their money to be used to help those in the local community who need financial support.

Cllr Richard Kellaway, cabinet member for finance, welcomed CSL to the Town Hall and said: "Growing numbers of people are being hit hard by the very difficult global economic situation and there are those who, for various reasons, can't get loans at all or can't afford the interest rates.

"This is a breeding ground for unscrupulous loan sharks and organisations that charge extortionate interest rates which can lead to even more misery.

"Thankfully the credit union can often provide a lifeline and, through a personal financial service, offer loans at affordable rates, even to people with a poor credit rating, and can provide help on money management."

The credit union also offers a savings opportunity for people who want to put their money into an ethical investment that helps their local community.

Jim Coghill, chairman of CSL, said: "Across Berkshire and in the Royal Borough people normally manage their money satisfactorily but if the washing machine or the car breaks down - those unexpected moments - they can cause problems. They can drive people to taking out loans at very high rates of interest and paying back a great deal more than they borrowed.

"We encourage people to start saving what they can with us and then we are normally able to offer loans at affordable rates. We sit down and explain how we work, look at a person's income and expenditure and then decide if we can offer a loan - but only if they can afford it. We want to help give people long-term financial control and peace of mind.

"We are indebted to the council for supporting our work to try to help people and, in particular, for providing us with reception facilities in their offices."

The credit union will be open every Thursday in the Town Hall from 10am to 4pm. No appointment is necessary - just drop in. However, appointments can be obtained by calling 01189 585803 (10am - 4pm Monday to Friday).

Volunteer recruitment for the credit union is always open. No previous financial services experience is necessary but volunteers should be good communicators, computer literate and keen to be involved in a worthwhile community organisation. Anyone interested in learning more about the volunteering opportunities should call Jayne Parsons on 0118 958 5803 or email enquiries@cslberks.org

CSL has grown from the former Reading Credit Union which was set up four years ago and has now extended across Berkshire to provide quality, low cost financial services, accessible to all those who live and work in the county.

For more information visit, www.cslberks.org

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