Oxford Credit Union set to go county-wide

Oxford's credit union is set to expand to offer services county-wide, if new plans are approved.

The organisation, which currently has about 1,000 members, is awaiting approval from the Financial Services Authority (FSA).

Credit unions are not-for-profit co-operatives in which members' savings are used to provide loans.

A spokesman said the expansion across Oxfordshire would be "gradual" and, if approved, could begin in September.

The Oxford union, which was set up in 2006, has £300,000 in assets and £200,000 in loans at any one time.

Oxfordshire currently is one of four counties in England without a county-wide credit union service.

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