FAIRshare Credit Union launches in Cleobury Mortimer

There were celebrations in Cleobury Mortimer last Friday at the opening of a new FAIRshare Service Point in the town. In partnership with St Mary’s, Cleobury Mortimer, Cleobury Country & the local schools, and based at the Cleobury Country Centre, the FAIRshare Service Point will visit Cleobury Mortimer every Friday afternoon from 10am – 12.30pm.

Pictured at the Cleobury Mortimer Opening on 16.05.14 are from left, Rev Ashley Buck, Rector of St Mary’s Cleobury Mortimer, John Harrower, FAIRshare’s General Manager, and Tony Chamberlain, Chairman of Cleobury County Ltd.

At the launch, Rev Ashley Buck, Rector of St Mary’s Cleobury Mortimer, read the following message from The Right Reverend Alistair Magowan, Bishop of Ludlow “The Archbishop of Canterbury has in recent months highlighted the good and important role of Credit Unions. Many people need to borrow money from time to time. Credit is a necessity however crippling debt from high interest short term loans is not. Credit unions provide a great alternative to those high interest loans. I wish therefore to express my very best wishes and support for the new branch of the FAIRshare Credit Union in Cleobury Mortimer. Credit unions have much to offer in helping people both learn to save regularly and provide sensible rates of borrowing when necessary. As a Mutual society they belong to their members and this also is an advantage. For a credit union to work well it needs good local support so please think carefully about supporting this worthwhile and local initiative.”

Cleobury Mortimer will be the ninth town which FAIRshare visits around the county each week, allowing more people to access their services. John Harrower, FAIRshare’s General Manager, said “We are very excited to be opening a new FAIRshare service point in Cleobury Mortimer.  The triumvirate support we have been given by Cleobury Country, the local schools and St Mary’s Church demonstrates a high level of community awareness of the benefits of having credit union services available locally.  This particular delivery model, working individually and collectively with each element of the community will, ultimately, bring greater benefits to the area as a whole.  We will also be aiming to replicate this community-led, three-pronged approach across other similar communities within Shropshire.”

Like all Credit Unions, FAIRshare offers savers the opportunity to invest in their local community. Regular savings create a “pool of money” which is used to give 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 0.83% per month (10.47% APR) 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 also offers business & community membership to Shropshire based clubs, societies, associations, businesses & charities, offering a local, safe, ethical home for funds. Businesses and community groups can apply for business loans up to the value of £15,000, to be repaid over a maximum of 5 years.

Like any bank or building society, FAIRshare is authorised & regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Members’ savings are protected by the Financial Services Compensation Scheme, currently to the value of £85,000.

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