A NEW collection point for a Worcester-based savings and loans company has been hailed a success.

Worcester Black Pear Credit Union Ltd introduced the Tolladine collection point last month.

"It happens every Thursday morning at the Tolladine Community Centre and people drop in and have breakfast, as it's the same day as the Breakfast Club," said Councillor Paul Denham.

The union offers low-cost loans with interest fixed at one per cent per month and savings plans with annual dividends, plus free life insurance on savings and loans.

"Lots of people who borrow can't borrow from a bank because they aren't in steady employment or are in rented accommodation.

"The idea is that, provided somebody demonstrates they can save regularly they are loaned money at a very reasonable cost. It stops people falling into the hands of loan sharks and it's been going on around the city for a number of years now.

"The union don't make a profit and any money it does make is shared between the members. They are helping the economy of more disadvantaged areas," added Coun Denham.

Union manager Becky Leighton revealed there had been a good response to the new venue.

"It's going very well and is probably one of the best that we've got running at the moment," she said.

"We would love to set up some more collection points, but the big problem at the moment is that they are meant to be volunteer run and there's a shortage."

Anyone interested in volunteering for the scheme should call Worcester Black Pear Credit Union Ltd on 01905 612197.