A Welsh finance co-operative is to offer its services over post office counters as part of a government pilot project.
Members of Llanelli and District Credit Union will be able to open accounts, withdraw and deposit money at two post offices in the area.

The credit union will also collect and deliver money for housebound members.

A £50,000 government grant was awarded to the union for a three-year pilot last Thursday. If the scheme is successful, it will be rolled out to other areas.

The project ties in with the Welsh assembly's plan to boost the use of post offices and credit unions.

The assembly has spent £1.5m supporting credit unions over the past three years. The membership of credit unions has tripled in that time.

Jeff Hopkins, manager of the credit union, said: "We are not purely lending people money. We are there to teach people how to handle their money and how to save."

The credit union was set up with a donation from Gwalia Housing Group and low-rent premises from Family Housing.

It provides services for their tenants and for anyone living in the Llanelli area.

The credit union extends savings and loan facilities for people on low incomes who might otherwise turn to loan sharks or doorstep lenders. Borrowers are limited to loans of up to three times their savings.

Source

Housing Today