KENSINGTON, England--A credit union here has held a “pop-up session” at a local primary school to support parents at risk from loan sharks. YourCU at the session at the Colville Primary School after being invited by headmaster Jagdeep Birdi, who was concerned that cash-strapped parents could turn to illegal lenders.
“Every child deserves to feel they do not have to worry about money. A secure family is the best place for a child to thrive,” Birdi said.
More than half of the pupils at Colville are eligible for support through pupil premium, which includes free school meals – well above the national average.
The visit follows calls from the Archbishop of Canterbury, in his New Year’s speech, for a network of clubs, run by credit unions, in primary schools to help raise financial awareness.
“By providing small loans at affordable rates with weekly or monthly repayment schedules credit unions help those who may not be able to access a bank loan or suddenly find they need a loan to help with an unexpected emergency,” said Cllr Emma Will, the Royal Borough’s Cabinet Member for Education. “They might be tempted to resort to loan sharks and end up being charged rates of interest that make paying back the loan impossible.”
The credit union’s CEO is William Rhodes, who added, “Credit unions like YourCU are there to help provide members with access to affordable loans and help to manage money responsibly. We also support people to save regularly – it doesn’t matter how little – just a small amount put into a savings each week will build up a financial ‘buffer’.”