HOPE CENTRE SAVINGS UNION
We are excited to be able to let you know that from March 1st 2022 Hope Centre Savings Credit Union will be operating from the Hope Centre in Partington.
The service will be available Wednesdays 4.30-6pm.
We will offer a high-quality, community-focused financial service for residents of Partington.
The Hope Centre Savings Credit Union will provide a trustworthy and dependent alternative to people getting into financial crisis. It will do this by offering loans only to those who can afford to repay them. It will also work closely with other agencies to offer access to debt advice when needed and offer a social and financial return (good interest rate) for individual and community investors.
The Hope Centre Savings scheme will also offer new volunteer opportunities locally which will enable residents to benefit through the development of new skills, enable them to develop their confidence and feel better connected to their community.
People at risk of financial exclusion will not have to borrow from high-cost lenders and they have access to practical money advice and signposting to other community services through the community partnership model embraced by the Hope Centre Savings Credit Union.
How the Hope Centre Savings Credit Union will work
- All residents of M31 are entitled to become members (including under 18s)
- Under 18 are Junior members
- There is a joining fee of £1.50 and an initial savings setup of £5
- Savings need to be made regularly and consistently. A regular amount over £1 per week should be put into the account via cash or standing order from the bank.
- Loans are available to all adult members (over the age of 18) of the HCSCU once they have been paying regularly into their account for 12 weeks/3 months.
- Initially, the maximum amount loaned is their share balance (how much they've saved) plus £100.
- Repayments will be made over a maximum of 12 weeks/3 months and a small interest payment will be added based on the length of time.
- Regular savings must be carried on while a loan is being repaid
- Once a first loan has been fully repaid they may apply for a further loan.
To apply to join the Hope Savings Union, find out more or volunteer, email us below or call into the Hope Centre.