Residents are being encouraged to seek help from their local credit union rather than go to payday loan companies when times get tough.

Credit unions are financial co-operatives, owned and managed by the members who use them.

They offer an easy way to save, access to low cost loans and a range of other benefits.

Membership of a credit union is based on a ‘common bond’, usually linked to where a person lives or works.

Members of a credit union save in a common fund which is used to make low interest loans to the credit union members.

All interest on loans repayments is reinvested in the credit union and nothing leaves the community.