Christ Church is playing a leading part in supporting the Archbishop of Canterbury’s campaign to promote affordable credit and defeat the scourge of loan sharks and payday lenders.
We are doing this by promoting membership of our local credit union, London Capital. Credit unions are small organisations where members with a little cash to spare pool some of their savings to establish a fund out of which loans can be made to members who need to borrow. Loans are made at much lower rates of interest than payday lenders and all members share a “common bond”. As borrowers make payments to the credit union towards reaying their loans, part is put into a savings account so that the borrower builds up a small nest egg of savings with the credit union reducing the need to borrow again in the future.
Islington churches have a target of recruiting 500 new members of the credit union in 2015.