Screen Shot 2015-06-26 at 12.35.03RESIDENTS in Stockton Borough are being invited to take advantage of a new scheme which could help them access low cost credit and buy a range of goods for their homes.

The loan scheme is an innovative partnership between Stockton-on-Tees Borough Council and Your Community Bank (Tees Credit Union).

It aims to offer value for money products for those who are struggling to access affordable High Street credit.

Until Friday 10 July, visitors to the Rediscover shop on Stockton High Street can view some of the goods on offer and chat to staff about the scheme.

Councillor Bob Cook, Leader of Stockton-on-Tees Borough Council, said: “This is a great new initiative which I am sure is going to be hugely beneficial to many people who need to buy essential products such as washing machines, fridges and beds.

“People should avoid high cost lenders and should never contemplate borrowing from a loan shark so to have a local scheme backed by the Council is very important.

“There are flexible payment plans available to suit different budgets and the scheme is open to anyone living or working in Stockton Borough, so I would recommend that anyone thinking of taking out a loan to purchase goods should consider the Simply Spend and Save scheme.”

The on-hand staff will be able to explain how the loan scheme offers a better alternative to high cost lending, while also covering delivery and installation costs.

Diane Patterson, Manager at Your Community Bank, said: “Even if you have been refused credit elsewhere we may be able to help. Before approaching high cost lenders please give us a call, we would like to help.

“Many people think there is no alternative but there is and it’s called Simply Spend and Save.”

The loan scheme can also provide other financial assistance in setting up a basic bank account and rounds up loan repayments so that extra money goes into a savings account which can be released when the loan is repaid or can be continued to help with future expenses.

Residents can visit Your Community Bank at Stratford House, Ramsgate, Stockton, between 10am and 4pm, Monday toFriday.

Alternatively, they can call 01642 941911 or visitwww.teescreditunion.co.uk for more information.