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Credit union helps communities affected by loan sharks

By The Cornishman  |  Posted: August 17, 2013

From left, KCU chairman David Bickle, Andrew George, MP, and Martha Fay, KCU office manager.

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THE Kernow Credit Union (KCU) is the county's best response to extortionate loan sharks, said St Ives MP Andrew George.

Mr George was speaking at the recent opening of a Penzance branch of the KCU at The Giving Shop at Wharfside Shopping Centre.

In addition to the standard savings and loan accounts, KCU also offers junior savers' accounts for under-16s.

Mr George, who was instrumental in setting up the Cornwall Credit Union Development Project in 1996, said: "I was privileged to become a member of the Penwith Credit Union in July 1999 and subsequently a member of Cornwall Community Banking. Credit unions are 'not-for-profit' companies and can make a strong contribution to communities badly affected by extortionate loan sharks, expensive credit and pay day lenders. I look forward to maintaining this link by becoming a member of Kernow Credit Union."

KCU secretary Jon Hayworth added: "Kernow Credit Union is pleased to be opening a service point in Penzance because it was in Penzance in 1999 that the first community-based credit union in Cornwall opened its doors for business."

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  • BobToronto  |  August 17 2013, 11:29PM

    Perhaps Mr George should use his influence to get financial management on the syllabus of every school in the country. A terrible number of adults (including the overwhelming majority of MPs) do not know how to balance a budget, do not know the effects of compound interest either for savers or borrowers. They will look vacantly at the mention of the 'rule of 72'. Have no idea of the consequences of bankruptcy, personally, or their employer or their country. Most clients of loan sharks are not likely to be good borrowers of credit unions. I would not put my savings in a credit union if the union's criteria for granting loan was to put sharks out business. I was a member of a Canadian Credit Union in the seventies which was linked to my employer. Employees and employers loaning and borrowing to and from each other is great and ensures a low bad debt ratio. Mr George's business is running a deficit of £100 billion a year. He is hardly in a position to talk about loan sharks. What about Harold Wilson's blaming the gnomes of Zurich for his government's misspending? Who is Mr George going to blame?

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