If you need to borrow money for a new fridge or carpet, your local credit union could be a friendly, local alternative to banks and building societies.
So what is a credit union? In a nutshell it's a savings and loans co-operative owned by the members, run by the members for the benefit of the members. The idea is that the members of a credit union pool their savings together. This common fund then provides a pool of money from which loans can be made.
Devonlane Credit Union in Kingsbridge is now in its seventh year and has grown to include much of the South Hams and Tavistock.
At the moment Devonlane has just over 180 members - a number that has been steadily growing over the past six years. Tony Irwin is one of the founder members. Initially he was attracted by the sense of community that a credit union can inspire.  | | Tony Irwin - one of the founder members of Devonlane. |
He said: "The great thing about credit unions is that they're very local.
"They're run by local people - and at least when you know someone you think - 'Yeah they're all right.' "Sometimes we might look at a loan application and if there's something that we're not quite sure about - we at least know the person. "We can give them a ring at home and try and sort it out with them - and all this is done quite amicably", he added. But Tony is keen to point out that despite the localness, all credit unions are subject to rigorous auditing and assessment. "The restrictions and requirements placed on us by the Financial Services Authority are very similar to those place on Banks and building societies", he said And it's not just about savings and loans accounts. Members can access sound financial advice often involving the local community. Tony Irwin continued: "When members of a credit union take out a loan they're most likely to shop locally - and this is quite well known" "We've loaned money for holidays, funerals, weddings and all sorts of wonderful things. It's a great benefit to the people and a great benefit to the community.  | | A real family affair - Patricia Jenkins has an account, as does her brother, mum, and four children. |
"We feel we're really doing something very useful for the community - which is one of the reasons that we give so much time to it."
Patricia Jenkins - who lives in Kingsbridge - joined Devonlane more recently, but is full of praise. "They're very very friendly people" she said. "If you ever need any help or advice then they're there to help you - they really do look after you" "My mum introduced me and now I've got an account and so have my four children and my mum and my brother. "I've had loans for carpets, and when I had a baby it helped me pay for the baby's room upstairs - and now I've paid it all back I've got a loan for my new cooker", she added. To contact Devonlane click on the link above or call 01548 857868. | 
