FAIRshare is a not-for-profit 'community bank' for secure savings and affordable loans exclusively for anyone who lives or works in Telford and Wrekin, Broseley or Much Wenlock. Junior accounts are also available for children from birth.
As soon as an adult opens a FAIRshare account they become a member as well as a shareholder in the company. Regular savings create a 'pool of money' which is used to provide low cost loans to members - from as little as 1% per month (12.68% APR) - which is significantly less than other lenders. For example, if you borrow £1,000 for a year and maintain your regular monthly payments, the amount of interest you will pay is only £100.15. The amount you can borrow will depend upon your ability to afford the repayments.
There are no charges for any of the services FAIRshare provide other than a one-off membership fee of £5 when you open your account.
FAIRshare's main branch is in Southwater Square, Telford Town Centre. It is open on Mondays and Tuesdays 10am - 2pm, Thursdays and Fridays 10am - 4pm and Saturdays 10am - 12pm.
If members want to pay money in locally they can order a free PayPoint Card to deposit money into their account at over 50 places in the Telford and Wrekin area. If members want to take money out without visiting the branch they can either arrange to transfer money into their bank account or apply for a FAIRshare Tuxedo Prepaid Mastercard to transfer money onto their card straight away.
For all information and to sign up visit the FAIRshare website.