The Haringey Liberal Democrats and Lynne Featherstone MP have urged local residents to support and join the London Capital Credit Union – in response to news that Muswell Hill Broadway will soon feature a payday loan shop.

Joined by Helen Baron (Chair of the Credit Union board) and Don Kehoe (Secretary of the Credit Union board) the local Lib Dems and the MP handed out flyers about the Credit Union on Muswell Hill Broadway.

The Credit Union can supply quick loans to members without high rates, whilst also providing an ethical investment option for people who are looking to save money.

They are seen as a safe alternative to payday loan companies – which charge exorbitant rates on loans.

The Coalition Government has recently invested £38m to support and expand credit unions and the Financial Conduct Authority has just announced proposals to clamp down on pay day lenders.

Local Lib Dem councillor, Martin Newton, comments:  

“Despite our and residents’ protests, a payday loan company will soon be opening up shop in Muswell Hill. I urge anyone who is facing a hard time paying their bills or who needs a loan, to use the Credit Union and avoid the massive interest rates charged by payday lenders.

“For those who are looking for an ethical investment the Credit Union is ideal, by saving with them you could help a local family to pay their bills or get their washing machine fixed without having to resort to going to a payday lender.”

Credit Union Manager, Martin Groombridge, comments:  

“We will continue to campaign against the payday loan companies because they are driving people into unmanageable debt. It’s time that people sought more ethical providers for their savings accounts or their borrowing.  We hope that these campaign events will make more and more people aware that the Credit Union offers a real practical ethical alternative in the financial services sector.”

Liberal Democrat MP for Hornsey and Wood Green, Lynne Featherstone, comments:

“Credit Unions are ethical money lenders and a safe alternative to payday loan companies. It is fantastic to have a Credit Union operating in Haringey, and I am happy to help promote them – particularly on a street where a new payday loan shop will soon appear.”