Credit Union launches in Shifnal

There were celebrations in Shifnal last Thursday 09.01.14, at the opening of a new FAIRshare Service Point in the town.  Supported by Churches Together in Shifnal District and based at the OASIS Christian Shop, the FAIRshare Service Point will visit Shifnal every Thursday afternoon from 2.30pm-4.30pm.  Pictured above are from left, John Harrower, FAIRshare’s General Manager, Angela Chatham, Churches Together in Shifnal District, and cutting the ribbon The Revd Prebendary Chris Thorpe, Parishes of Shifnal, Sheriffhales & Tong.

FAIRshare Credit Union is a not-for-profit ‘community bank’ for anyone who lives or works in Shropshire, offering a secure home for savings and the option to access affordable low cost loans.

The Revd Prebendary Chris Thorpe said “We were inspired by Archbishop Justin’s call to put Wonga and the other pay day loan companies out of business! When times are so tough, people need a way of saving and low cost borrowing to build their way out of debt. All the churches are pleased to back this initiative for Shifnal.”The Archbishop of Canterbury, Justin Welby, led the call for action to promote Credit Unions last October when he said “Let’s begin to make a difference to how families can finance themselves in this country – join and support a credit union”.

FAIRshare, which has branches in Telford and Shrewsbury, now visits eight towns each week, allowing more people to access their services across the county.  John Harrower, FAIRshare’s General Manager, said “With the increase in high cost credit providers such as Pay Day Loan companies and weekly payment stores, credit unions like FAIRshare offer people access to low cost loans that help them afford the things they need now, without getting into debt.  We are pleased to be adding Shifnal to the towns we visit throughout Shropshire and look forward to working within the community.”

Like all Credit unions, FAIRshare offers savers the opportunity to invest in their local community and gives regular savers access to low cost loans from £50 to £7500 over anything from a few weeks up to 5 years.  Interest charges from only 1% (12.68% APR) per month are calculated on the reducing balance – not the original loan value – and the amount you can borrow is based on your income and expenditure.  There are no arrangement fees and no penalties for early repayment, and loans are covered by free life insurance for peace of mind.

FAIRshare is Shropshire’s largest Credit Union with main branches at Telford & Shrewsbury, and weekly FAIRshare Service Points in Bridgnorth, Craven Arms, Ludlow, Market Drayton, Oswestry, Shifnal, Wem & Whitchurch.

For further information call 01952 282528 (Telford Branch) or 01743 240403 (Shrewsbury Branch) or contact us online here