The benefits of joining a credit union were outlined to members of Tenby Town Council this week.

Prior to their meeting councillors welcomed Suzanne Haynes, of the Haven and landsker Credit Unions, who was seeking support for an expansion of the Landsker Credit Union into Tenby.

She revealed that credit unions were mutual financial organisations run by people in the community for the benefit of people in the community.

By saving as little as £1 each week people could, after three months, be eligible for a low cost loan, paying just £6.56 interest on every £100 borrowed over a year.

The United Kingdom was some 20 years behind other countries like Ireland, New Zealand, Canada, Australia and the United States, where credit unions had grown into community banks, and in order for them to grow and flourish, more savers were needed.

Managed and controlled by volunteers in the community as non-profit organisations, credit unions, once they reached sustainability, paid profits above running costs back to savers in the form of a dividend.

Landsker Credit Union now had 300 savers and operated offices in Kilgetty and Narberth and the aim was eventually to open a collection point in Tenby.

There was, said Mrs. Haynes, no risk to savers' money while they also benefited from free life insurance cover on their savings up to the age of 65.

Eligibility for a loan was based on your reputation as a regular saver and as your 'pot' of money grew, the more you could borrow.

Credit unions, said Mrs. Haynes, allowed people to take control of their finances but volunteers were needed to help run a collection point in Tenby for two hours a week.

"The Landsker Credit Union is short of directors and supervisors," she explained. "By volunteering you are helping every section of the community because anyone can join a credit union regardless of status. All you needed to register as a saver are two forms of identification and your National Insurance number."

Mrs. Haynes revealed that there were currently six people in Tenby who were saving with the Landsker credit union.

"We hope this will start to grow as awareness is raised because there are communities in Tenby who need this service to help keep them away from people like loan sharks," she continued.

Councillors agreed that credit unions were a good thing if they encouraged people to save and agreed to keep information leaflets in the foyer of the De Valence Pavilion for people who were interested to pick up.