A credit union is pointing out that safe saving and affordable loans are available to residents and workers in West Cheshire.

The West Cheshire Credit Union says it provides the services to the community particularly those who are unable to access mainstream products.

They are said to be a ‘practical solution’ for people who want to save money or need to borrow at more affordable rates with locations in Winsford, Ellesmere Port and Chester.

The not for profit community based organisation, which started in 2004, can be a life line for many residents in the borough who have limited or less than perfect credit history and are unable to access mainstream financial services as a result, it explains.

It is often these residents who are at risk of falling prey to the ‘extortionate costs’ of doorstep lenders, payday loans and, in some cases, loan sharks.

In these circumstances a credit union can offer a real alternative it suggests.

In 2015 Cheshire West and Chester Council, Cheshire and Wirral Partnership, Muir Housing, ForHousing, Sanctuary Group and Weaver Vale Housing Trust commissioned the credit union to provide practical saving and affordable lending to residents and workers across the borough.

Neil Jay, general manager, said: “The West Cheshire Credit Union has seen significant growth and now has over 4,000 members, lending over £3.5m to local residents in small and medium sized loans.

“We work closely with our key partners to raise awareness of the services and we pride ourselves in offering our members a professional and caring service.”

He added: “The union continues to grow and we are looking forward to opening our new shop in Chester city centre in the summer.”

CWaC leader Cllr Samantha Dixon
CWaC leader Cllr Samantha Dixon

Leader of Cheshire West and Chester Council Cllr Samantha Dixon says the council is happy to support the credit union and reduce overall debt in the borough.

“Many residents end up taking out loans with extremely high rates and then struggle to pay them back, getting themselves further and further into debt,” she believes.

“The West Cheshire Credit Union offers loans at affordable prices and various saving plans to suit your needs.”

In addition to saving and loan products the credit union works hard to promote greater financial literacy particularly with children and young people.

Partnerships with local schools allow it to run workshops and assemblies which can equip young people with the essential skills needed to effectively manage their finances now and in the future.

A number of schools have taken up what the credit union has to offer and have opened their own ‘school bank’.

School banks are run by the pupils for pupils and are overseen by adult volunteers and administered by the credit union.

More details about the credit union can be found on www.wccu.co.uk or by calling 01244 399006.

All savings deposited with the organisation are fully protected by the Financial Services Compensation Scheme.

The credit union itself, said to have gone from strength to strength, is regulated and supervised by the Financial Conduct Authority and the Prudential Regulatory Authority which is also responsible for the oversight of all other financial services providers in the country.