ML9 Credit Union set to improve service in Stonehouse

Aug 28 2008 by John Rowbotham, Hamilton Advertiser

THE ML9 Credit Union are planning to open an office in Stonehouse.

The Larkhall-based operation want to encourage more people from the village to join them.

ML9, who this year celebrate their 10th anniversary, have 600 members and make loans ranging from £100 to more than £3000.

Efforts have been made before to open an office in Stonehouse but they failed because of lack of volunteers.

Bernard McLaughlin, ML9 chairman for the past three years and a member for eight years, said: “People from Stonehouse have joined us and they make payments either through our office in Larkhall or via Paypoint or direct debit.

“With a satellite office in Stonehouse, we would hope to attract even more members from the village.

“We think there is a demand, but we need volunteers to help us set it up.

“As for premises, there is nothing earmarked at the moment but I am sure we could find something.”

ML9 is a non-profit-making and run by 20 volunteers and one part-time paid employee from offices at 2 King Street, Larkhall. It is regulated by the Financial Services Authority.

Full members have to live within the ML9 postcode and be over 18.

Members have to save regularly with the union over a 12-week period and are then able borrow up to twice the amount of money they have paid in.

At the moment, ML9 are charging a 12.7 per cent annual rate of interest, far lower than doorstep lenders.

And so far this year, they have advanced 300 loans totalling £¼m.

ML9 celebrated their 10th anniversary earlier this month by holding an information event in the centre of Larkhall.

Members handed out leaflets explaining the ethos of the credit union and how it works.

Mr McLaughlin added: “We encourage people to save and we also help them get away from the doorstep lenders and out of financial difficulty. We are easy to deal with, easy to get loans from and it is easy to pay those loans back.”

And he posed the question: “What’s the point of borrowing from the bank when it’s far cheaper to borrow from your credit union?”s

ML9 also have 30 junior members after a branch was formed at St Mary’s Primary, Larkhall.

They hope open similar branches at other primary schools in the ML9 postcode area.