Credit union enjoying record growth

More than £2 million has been loaned by the Kent Savers Credit Union since it launched in 2010.

Last month, the initiative, which is led by the Archbishop of Canterbury, Justin Welby, gave out loans totalling £73,905.

These ranged from £300 for vehicle repairs to £7,500 for debt consolidation. Other cash was lent for home improvements, furnishings, holidays and cars.

Membership grew to 2,500, with the youngest saver aged just one and the oldest aged 93.

Chairman Martin Kingman said: “Over the past year there has been a kick back against the very high interest rates charged by pay-day lenders and some banks and credit card companies.

“Also, banks are being more selective when agreeing loans and many people with low incomes requiring small sums for a short period find it hard to access borrowing.

“Kent Savers have a range of loans from 4.9% and works with its members to help them save and break the cycle of debt, and we have had some record months for both saving and borrowing that have helped push us through this milestone figure.”

The initiative aims to create a fairer system of credit, where responsible lending is available to everyone.

Anyone living or working in Kent is eligible to become a member. See www.kentsavers.co.uk