Thame gets its own Community Bank

THAME residents finding it hard to make ends meet economically, will soon be able to borrow money from the town’s own Community Bank, enabling them to avoid the possible pitfalls of ‘loan sharks’ and so called ‘payday loans’ companies, who often charge extremely high interest rates that only serve to trap people into more debt.

Image courtesy of findyourcreditunion.co.uk

Launching on November 11, in Thame Town Hall, Thame Community Bank is a collaboration between the local charity, Sharing Life Trust (which already runs the Thame Food Bank),  the Citizens Advice Bureau and Thame Town Council, with support from local Housing Associations, caring agencies and the high street banks. 

In a statement, The Sharing Life Trust said:  “With the aggressive marketing and astronomical interest rates of the payday loans companies, there has never been a greater need in our community for a fair and affordable option for borrowers who aren’t a good fit for the high street banks.

“This is an enterprise from the community for the community.

“With loans at 2% per month, instead of 1% per day, borrowers will be able to manage their accounts online or, if needed, get help from the staff at the Information Centre in the Town Hall. With savings covered by the Government’s guarantee scheme, Thame Community Bank will provide a safe, fair and affordable banking service to the people of Thame and the surrounding villages.”

Thame Community Bank is a local branch of Swan Credit Union, a recent merger of two neighbouring Credit Unions in Milton Keynes and Aylesbury. Credit Unions are mutual societies – not-for-profit companies owned and run by their members to promote regular saving and to offer loans at reasonable rates.