Part 131. Support cooperatives (3)

A declaration of interest. I have promoted credit unions for many years, engaging with housing associations, local government, churches, community groups and secular charities. 

Credit unions are cooperatives, one member one vote organisations. A person investing £5.00 has the same voting rights as a person investing £1,000.00. One important feature of Credit unions is a willingness to consider on a case by case basis lending to individuals with a poor credit history. However much more needs to be done to reach individuals at risk of, or having been, ensnared by loansharks charging astronomical interest rates.

As Christians we can assist credit unions by saving with them. Deposits are protected in like manner to bank and building society deposits. The more that is saved enables a credit union to expand its lending. We can encourage individuals in need of financial help to apply to credit unions and support applications.

Credit unions and churches should be part of the infrastructure of support for people suffering poverty, deprivation and marginalisation. They should work in collaboration with each other.