15 May 2013 - 20:19
Duchess Of Cornwall Joins Credit Union, Offering Financial Help To Struggling People


Blogger

large_7332277096The BBC reported today that HRH The Duchess of Cornwall has applied to join a credit union in Peckham, London, which specialises in lending out members’ money to help people who are struggling.

The BBC reports that she made her application during a visit to the London Mutual Credit Union (LMCU), which is a not-for-profit organisation.

Credit unions are not for profit organisations whose members use their own money to offer loans and in particular for the LMCU, payday loans. Usually, payday loans are notorious for their astronomical interest rates, though the LMCU’s interest rates are around 140x lower than some of the worst payday loan interest rates.

Advertisment

The LMCU’s promo says, “Credit Unions are not-for-profit co-operatives aiming to provide affordable financial services for members of the local community.With no shareholders to worry about, our only focus is our membership.”

Camilla, Duchess of Cornwall was reported to have said, “Everybody needs that bit of help to show them how its done… That personal touch just makes a difference.”

The Duchess of Cornwall also remarked, “It is just raising awareness. Probably like many other people I didn’t know much about it.”

photo credit: chego-chego via photopin cc



Spotted an Error?
Edited by Royal Central





This is the short link.

To receive the latest Royal Central posts straight to your email inbox, enter your email address below and press subscribe.

Join 374 other subscribers

Blogs