Hold onto your hat - new Credit Union to be launched towards end of this year for UK's Retail Sector!
retailCURe is a new Credit Union that will enable retailers to ensure their employees have access to trusted, safe & affordable credit & savings. Offering sound financial education for all our members, we are dedicated to promoting the financial well-being of retail employees in the UK. It is a well-known fact that financially stable employees experience less stress-related illnesses, do not jump from job to job, are happier & a more productive work force. Having an alternative of borrowing money that does not involve a "payday" loan will be most welcome by a large proportion of the UK public.
Some of Britain's biggest high street names, including New Look & Next, are forming a Credit Union that will offer staff an alternative to the sky-high interest rates charged by payday lenders. Which has also received backing from entrepreneur Theo Paphitis and plans are currently being drawn up to launch it later this year.
This credit union, retailCURe, is a proposed new service and is not yet authorised to accept deposits. As a result, retailCURe is currently unable to offer any form of savings account and therefore Financial Services Compensation Scheme coverage.