Credit unions offer alternative to payday lenders

Credit unions urge members to save rather than just borrow

The government wants to double the membership of credit unions to challenge the growth of the payday lending sector.

Meanwhile, the Archbishop of Canterbury has said the Church could do more to help non-profit lenders to compete with payday firms.

The Most Rev Justin Welby wants to see skills of members of the congregation, as well as Church premises, used to assist the advance of credit unions.

So how do these institutions work, and how can people borrow from them?

What are credit unions?

How do I save at a credit union?

And how do I borrow?

That sounds a lot less than some payday lenders?

What will be the result of that?

How do I find my nearest credit union?