RCU, the First Credit Union to be Offered in Lee Valley

Social Landlords, Riverside and RCU, have established the only credit union in the Lee Valley area of Liverpool and already welcomed its first customers.

The credit union is aimed at helping those people on low incomes who wish to start saving money. Additionally, customers can take out loans at preferential rates, avoiding high interest rates offered by doorstep lenders.

A credit union is a democratically-run, not-for-profit cooperative, which offers savings and loans services to its customers. Therefore, with its co-operative status, you are not just a ‘customer’ but also a co-owning Member. The Riverside Credit Union (RCU) is regulated by the FSA and enjoys the same standards of protection offered by any bank or building society in the UK.

The way it works is: each member makes regular payments into a common fund. This then provides the basis for low interest loans which are available for any beneficial purpose such as holidays, Christmas, home improvements, transport etc. The income generated by lending covers overheads including staff wages and operating expenses.

A trained adviser is available two mornings each week. On Tuesday mornings, the credit union will operate from Riverside’s Belle Vale office on Naylorsfield Drive and on Thursday mornings, from the Estate Management Board Office on Hartsbourne Avenue.

The Riverside Credit Union has three main aims:
•    To encourage Members to save on a regular basis
•    To provide loads at very low rates
•    To provide Members with advice on managing their finances effectively.

Jackie Lowther, Community Engagement Officer at Riverside, said: “We are the only credit union in Lee Valley at the moment, so we are expecting lots of interest from people in Netherley, Belle Vale and the surrounding areas. Joining a credit union is a great way to save money and is also a safe way to take out low cost loans.”

For further information on the Lee Valley outreach, please contact 0845 111 0000