Residents in Chepstow can now get affordable loans and ethical savings thanks to the new branch of the Gateway Credit Union in the Council’s One Stop Shop.
Chepstow’s Mayor, Councillor Henry Ashby and Monmouthshire County Councillor Phil Murphy officially opened the latest branch of Gateway Credit Union on Friday 26th February.
The Credit Union offers safe savings and low cost loans to its members, and is supported by both the Town and County Councils and the Welsh Assembly.
The Chepstow Branch is the latest to open and will initially operate from and Monmouthshire County Council’s One Stop Shop, next to Chepstow Library every Friday morning from 10-12, where local volunteers are ready to sign up new members.
Gateway Credit Union operates across Torfaen and Monmouthshire, and offers a variety of savings accounts, including the popular Christmas Saver account, and Child Trust Funds. They specialise in small loans, and offer loans of up to £500 to new members, including members on benefits or low wages.
Local Credit Union members were on hand at the launch to explain to councillors what a difference access to this low cost credit and easy savings accounts had made to them.
Member Jane Williams explained how, around Christmas, door-to-door lenders targeted homes in Bulwark and Thornwell, offering loans at interest rates over 200%. What starts off as a small loan can easily become a real drag on the finances of low income families. By comparison, a Gateway loan is at a maximum rate of 2% per month, with free life insurance and no hidden charges.
Manager John Richards said:
“We’re really glad to be open at the One Stop Shop. It’s obviously a popular location, as we’ve seen quite a few new members coming in over the first couple of weeks of opening. We’re offering a convenient and ethical choice for savings, as well as the low cost loans. This is the start of a long term commitment for us, to provide an affordable and ethical alternative financial service in Chepstow”.
Gateway Credit Union is open in Chepstow every Friday, 10 -12 noon, and at Caldicot Methodist Church every Tuesday 10 -12 noon.
Anyone interested in joining Gateway Credit Union or volunteering should call the Credit Union Office on 01495 750020, or go to www.gatewaycu.co.uk.
