The credit union branch in Ashington has been re-launched by Wansbeck MP Ian Lavery
The branch, in Ashington Town Hall, has been refurbished by Northumberland County Council.
Supported by the county council, Ashington Town Council and private funding, the Ashington Credit Union already has 2,000 adult and 250 junior members saving or taking out low interest loans.
Adult members pay £2 to join, half of which goes into savings with an agreement to save regularly from £1 per week.
As well as saving money regularly, the Credit Union allows its members to borrow cash to pay unexpected bills, buy special items and household goods or meet expenses.
Members can qualify for their first loan to a maximum of £200 without saving first, with interest rates as low as one per cent.
Mr Lavery said: “Credit unions are a great way for many people to both save money and access low-cost loans.
“They are a credible alternative to the major financial institutions and a far better way to borrow money then going to pay-day lenders or even ‘loan sharks’.”
The Ashington Credit Union is open five days a week from 10am to 3pm.