John Lewis-backed credit union bids to fend off payday lenders
(The Guardian Money News)

Debenhams, New Look and former Dragons´ Den star Theo Paphitis among backers of retailCURe union offering loans and savings products to shop staffJohn 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...