Devon

New Devon credit union branch opens in Crediton

A new branch of a Devon credit union has opened in Crediton.

The latest volunteer-run service point for the Plough and Share union brings the number of branches up to 15, managers said.

The financial co-operative is owned and controlled by its members.

Managers said they were trying to encourage people away from high interest, short-term loans. Members pay in savings, and then that money is used to fund loans.

The maximum interest it can charge is 26.8% APR.

Once a year, members get to share the profits on the interest from any borrowings.

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