Buckinghamshire cooperative loans

Buckinghamshire has one major defence against predatory lending. The presence of financial cooperatives allows for lower cost loans to be issued to citizens, even if their credit rating has taken a few hits. These credit unions offer a better choice to meet both needs of planned borrowing and emergency loans.

Swan Credit Union Ltd is the most prominent not-for-profit firm to serve several communities in Buckinghamshire. This cooperative administers three local community banks with a common telephone of 03030 300147.

• Aylesbury Vale Community Bank serves the citizens of that district, having maintained a presence at Aylesbury Lending Library on Walton Street. A Community Information Point is in Buckingham Library/Verney Close in the town of Buckingham.
• MK Community Bank serves Milton Keynes through three service points.
  • Foundation House is located at The Square in Wolverton.
  • Melrose Avenue Resource Centre is based at 7 Melrose Avenue in Bletchley.
  • Spotlight is also located in Bletchley, on 114 Serpentine Court.
• Thame Community Bank is located in Town Hall on High Street, which also serves residents of south east Oxfordshire.

Swan Credit Union has been the name of this organisation since its merger with Aylesbury Vale Credit Union in 2013. The entity was formerly known as Milton Keynes Credit Union since the doors were opened in 2006.

Much of the success of the operations is due to the broad support that the community provides. Milton Keynes Community Foundation has been a major supporter, paying for the salary of a development officer to further expand the impact that the organisation has in the community.

A new partnership with Milton Keynes Council was announced in 2014 to steer vulnerable residents away from loan sharks. Fast track loans of up to £600 can be approved to local residents who receive advice through the Local Welfare Provision team. Unlike the 5,000% representative APRs that are featured by many high street lenders, this product has a low 19.6% APR on the declining balance. The friendly terms make this one of the most attractive solutions that can be relied upon when an emergency loan is needed.

Swan Credit Union has agreed to waive the three month membership rule to make fast track loans available immediately. Someone may join the credit union and submit an application to borrow funds on the same day. All they need is a referral from the Local Welfare Provision team. Enquiries may be made on 01908 253040 for Milton Keynes Council, or to Swan Credit Union on 030303 00147.

M for Money Credit Union has also expanded its presence, representing Chiltern, South Bucks and Wycombe district councils. Those council governments provide financial support. Buckinghamshire County Council is also a backer.

This cooperative operates the South Buckinghamshire Community Bank to serve local citizens. There is no requirement that someone is low income in order to become a member. Applicants just have to be a resident in the communities served. There are five information points:

• Burnham Library is located on Windsor Lane.
• Chesham Library is located on Elgiva Lane.
• Chiltern District Council in Amersham hosts an information point in the reception area. Offices are located on King George V Road.
• Micklefield Library is located on Micklefield Road in High Wycombe.
• High Wycombe Library is at 5 Eden Place.

Some of these locations have limited hours. Interested applicants may wish to call on 020 8756 3866 first to arrange an appointment with a representative.

Both M for Money Credit Union and Swan Credit Union receive financial donations from Buckinghamshire Community Foundation, the councils where they serve and other grant making organisations. They represent one of the best ways for citizens of every financial background to receive enhanced financial products, including emergency loans at affordable rates. Membership is limited to those residents who live within the service areas.