Savings and loans for people with no 
access to banks

MP John Bercow at the launch of MK Credit Union in Winslow
MP John Bercow at the launch of MK Credit Union in Winslow

The Milton Keynes Credit Union has expanded its operation into Buckingham and Winslow.

MP for Buckingham John Bercow lent his support to the launch of the extended service at Winslow’s St Laurence Room last Friday night.

Credit unions are not-for-profit financial organisations set up by members to benefit their community.

MK Credit Union provides a savings scheme for people who are unable to access ordinary bank products. If people don’t have a bank account, they can save via a Paypoint card in a wide range of stores.

Once people have saved for three months, they can apply for a loan of up to three times their savings.

All its loans are protected by a life insurance scheme so the debt is automaticallly paid off if the member dies.

MK Credit Union also operates a scheme to receive Local Housing Allowance (LHA) payments on behalf of private-sector tenants and make payments to landlords, so the LHA money is only used for paying rent.

Mr Bercow said: “The credit union is a brilliant initiative that helps hard-pressed families and individuals take control of their finances, thus undermining the pernicious attraction of unscrupulous loan sharks who are all too keen to prey on the most vulnerable in our society.

“I wish the union the very best of success and I look forward to assisting their endeavours in whatever way I am able.”

People can join the MK Credit Union at Buckingham Job Club, which takes place on Tuesday lunchtimes at Well Street pub The Woolpack.

Or join online at www.mkcreditunion.org.uk/