More people to benefit from credit union

Craigmillar Credit Union was started in 1995

A community-based credit union is extending its low cost loans and savings scheme to almost 50,000 people.

Craigmillar Credit Union has increased the area it covers to include Duddingston, Portobello, Craigentinny, Willowbrae and Restalrig.

The non-profit organisation, which was started in 1995, has opened a new collection point in Portobello for a two-month trial.

People who lives or work in the area are eligible to join.

Volunteers who run the credit union want to double its membership over the next three years.

The CCU also gives free life insurance to members so that, in the event of death, their loans would be cleared and their family could be eligible to receive a payment of up to twice the value of the savings.

Joining and supporting our own credit union is a powerful way for individuals to invest in our community and neighbourhoods Maureen Child Councillor

CCU development officer Margaret Evans said: "We aim to help people manage their money more carefully and we hope, by our activities, to benefit the local community.

"We always seek to lend responsibly. Our interest rates are very competitive, even on relatively small loans.

"The maximum you can borrow is linked to your savings and we never want people to borrow too much and be unable to pay it off."

Councillor Maureen Child, who ward covers Craigmillar and Portobello, said: "Joining and supporting our own credit union is a powerful way for individuals to invest in our community and neighbourhoods, working together for the common good.

"We help ourselves and our families to save in the good times. Then each of us have the security of knowing we have a buffer of an affordable loan, when and if we need it."

An office is open at Portobello Library on Mondays between 1330 GMT and 1530 GMT.