A NEW credit union has opened its doors in Tavistock.
The savings and low cost loans club is based in an office on the West Devon Borough Council site at Kilworthy Park and is open every Wednesday from noon to 2pm.
The Tavistock branch is part of Devonlane Credit Union Ltd, which has outlets in many towns in the South Hams.
First to sign up to the Tavistock club was West Devon mayor Cllr Peter Hill, who welcomed the credit union team onto the borough council site.
Authorised and regulated by the Financial Services Authority, the credit union is an ideal way to save money and take out a loan with a low interest rate.
Saving for three months allows you to borrow up to twice your savings.
If you have a loan, your regular payment does not increase because half goes into your savings account and half goes towards paying off your loan.
The credit union charges just 1% interest per month on the outstanding loan balance and a loan of £100 paid back over a year costs just £6.50 in interest.
If you die while with an outstanding loan, the credit union's free insurance ensures your estate gets back twice your savings and your loan is written off.
People of all ages can save but those under 18 cannot take out a loan. To sign up all you need to do is show proof of who you are and where you live or work.
To be a member you must live or work within the South Hams or the southern half of West Devon.
For further information about the Credit Union contact 01822 813590.