Bill Esterson, the Labour MP for Sefton Central, welcomed plans for a credit union to expand its activities into Aintree, Melling and Maghull.
Bill met with Terry Egan and Tom Boynton from Knowsley Mutual who are responding to requests from Sefton residents to use the credit union.
Knowsley Mutual is based in Kirkby but a recent change in the rules means that Sefton residents can now use the facilities available. The plan is to have online access in the next few weeks so that people who live and work in Aintree, Maghull and Melling can join up.
Bill said: “Terry and Tom came to see me to tell me about their plans to extend what Knowsley Mutual have been doing for many years.
"The credit union is a community run alternative to payday loans and cheque shops and credit unions have been around for years. The credit union gives small loans often to help people out until payday but the difference with the credit unions is that they charge very low interest rates which people who are short of cash can afford.
"Payday loan companies can charge up to 3,000% in interest and people end up never being able to pay off their loans. In fact with payday loan companies, a small initial loan often ends up growing into a much larger loan and a debt that causes far more trouble than it is worth. That’s one reason why payday loans companies are often called legal loan sharks.
"Credit unions are a very good alternative to the cheque shop and I am very pleased that East Sefton is to have greater access to this facility."
Bill said a new credit union in East Sefton would help a growing number of people in the area who had contacted him with how they were struggling to deal with debt and make ends meet.
Bill said: "I am seeing an increase in the number of people who need help making ends meet so it is right that Knowsley Credit Union is able to offer its services in Sefton as well as in Liverpool, West Lancashire and of course in Knowsley.
"To be successful, Knowsley Mutual also needs savers so they have the money available to lend. I would encourage anyone who wants a decent alternative to the banks for their savings to take a look at Knowsley Mutual. The interest rates for savers are very good and they also plan to develop their own ISA in the next year or so.
"Credit unions work with housing associations and with the churches and are a very trusted way of supporting people with their money.
"I am very pleased that Terry and Tom approached me to ask me to support what they are doing. Knowsley Mutual hopes to set up a base in East Sefton so that people don’t have to travel to Kirkby and anyone who knows of a suitable base which they can use can contact Knowsley Mutual on 0151 545 3380 or my office on 0151 531 8433."