THE Waltham Forest Credit Union (WFCCU) has opened a new weekly branch in Leytonstone following concerns over the spread of high-rate loan companies in the area.
Staff at the union's Walthamstow branch have teamed up with Acacia Children’s Centre in Cathall Road, Leytonstone, to provide a new service offering cheap loans every Thursday between 10am and 12pm.
Claire Walters, chief executive of the WFCCU, said the group was considering expanding its services in the borough if the Leytonstone access point became a success.
She added: “Times are difficult for everyone at the moment, but many people who are really struggling to make ends meet are turning to loan sharks and payday lenders for help.
“The extortionate rates of interest demanded by these companies just make matters worse.
"At the WFCCU, we work with our members to find a long-term solution to their finances and we offer an ethical alternative to high street banks."
Call Acacia on 020 8496 2960 or the WFCCU on 020 8520 8740 for more information.
The opening yesterday (Tuesday May 22) came as MPs blocked an amendment to the Financial Services Bill by Walthamstow MP Stella Creasy which would have empowered new regulator the Financial Conduct Authority (FCA) to impose caps on loan charges.
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