Credit union for retail workers aims to fend off payday lenders
(The Guardian Money News)

The retailCURe credit union is backed by several large high street stores and offers loans and savings productsJohn Lewis and Debenhams are among the high street names backing a new credit union for the retail sector, officially launching today, which aims to help shop workers `avoid the clutches` of payday lenders. Another supporter is former Dragons´ Den star Theo Paphitis, who once again got to say `I´m in`, after revealing that he and his companies have invested a six-figure sum in the not-for-profit enterprise.Credit unions are financial co-operatives owned and controlled by their members that have traditionally specialised in loans and savings for the less well-off, but are now targeting people of all incomes. They are seen as offering a vital alternative to banks, expensive payday lenders and loan sharks, and the launch of this latest union, called retailCURe, is a big boost for the sector. Continue reading...