BURY’S first borough-wide credit union is now up and running.

It has been set up in partnership by Manch-ester Credit Union, Bury Council and Six Town Housing to give residents an alternative to doorstep lenders or payday loan companies.

Credit unions are not-for-profit financial co-operatives owned and controlled by their members.

Experts say they offer safe and secure savings, value loans and insurance products, and are local and ethical. Members pool their savings, which are then lent out to other members who need to borrow.

Membership is open to anyone, of any age, who lives or works in Bury, and members of their households.

The credit union will be formally launched next Thursday at Bury Town Hall, when the Mayor of Bury, Cllr Sharon Briggs, and the leader of the council, Cllr Mike Connolly, will be among the first to sign up.

Cllr Connolly said: “Figures from the Citizens Advice Bureau suggest there has been a big increase in personal debt, up to £40 million at the last count.

“Credit unions are suitable for everyone, of all incomes and circumstance, not just people who are struggling.

“They’re a reputable, safe and respectable alternative, always putting their members first, and that’s why I’m signing up.”

Initially, the credit union will be open for business at customer contact points at Six Town Housing’s head-quarters in Knowsley Street, Bury, on Mondays, and at Bury Town Hall on Tuesdays and Fridays, between 9.30am and 1.30pm.

Hugh Broadbent, chairman of Six Town Housing’s board, comm-ented: “More than 600 people responded to a survey earlier this year saying they supported a Credit Union for Bury and would like to join.

“We hope that providing credit union facilities for Bury families will give them much-needed support in these tough economic times.”

n—Members can join at manchestercreditunion.co.uk/ or by telephoning 0161 231 5222.