Credit union's Plymouth city centre shop offers alternative to payday lenders

A brand new city centre shop premises for the City of Plymouth Credit Union was unveiled on Thursday 17 October. The shop at Frankfort Gate has been chosen so people can get easy access to the credit union and financial services and will be open to all.

The not for profit credit union offers affordable lending, savings, budget accounts and direct payments for landlords. All saving are covered by the Financial Services Compensation Scheme and all saving and loans come with free life insurance.

Paul Williams, Manager of City of Plymouth Credit Union said: “This will give people in Plymouth and within a 20 mile radius a real alternative when it comes to savings and affordable loans.”

The Archdeacon of Plymouth, Ian Chandler and Cabinet member for Co-operatives and Community Development Councillor Chris Penberthy will officially open the shop on Thursday 17 October which is International Credit Union Day.

Plymouth City Council has funded the refurbishment of the shop so it could be used by the credit union. Cllr Penberthy said: “We have invested in the shop so a new, full time credit union outlet can operate in the heart of the city. We know that people often need financial help and it is important that the credit union is easy for people to reach. Being right in the city centre this shop is well placed to help people.

“Credit unions are an ethical alternative to the high cost lending you see from payday lenders and we’re working with our partners to support them.”

Plymouth Community Homes owns the shop premises and is renting it to the credit union at a discounted rate. Sue Shaw, Director of Homes and Neighbourhoods at Plymouth Community Homes, said: “We’re happy to support the credit union and welcome them as one of our neighbours in Frankfort Gate. They are performing a vital role in difficult times. We know that many of our tenants are often tempted to turn to ‘payday lenders’ for loans without realising the shockingly high rates of interest they are being charged. For families already in debt, this can make their situation even worse.

“The credit union offers a much more sensible alternative for people who need to borrow money as their interest rates are much lower. They will be a positive addition to the range of shops and services in Frankfort Gate and we look forward to working with them.”

The City of Plymouth Credit Union is a not for profit, member-owned financial organisation. It already has premises in Devonport.

Member of the Association of British Credit Unions (ABCU)
Authorised by the Prudential Regulation Authority and Regulated by the Financial Conduct Authority and the Prudential Authority