CHEPSTOW Credit Union opened the doors to its new building in Bulwark – and there was a broadside for "immoral" payday lenders.

The Gateway Credit Union has been operating in Chepstow since 2010 but now has its own permanent base in the Bulwark shopping centre.

The official opening was performed by the Mayor of Chepstow, Stephanie Dovey, who cut a ribbon.

The credit union is a savings and loans co-operative, lending small amounts to people who may struggle to get a fair deal elsewhere, said chairman Rev Brian Pippen.

He said: "We are in competition with lenders legal and illegal, registered and non-registered."

He also blasted so-called payday lenders, such as Wonga, which make short-term loans with high annual interest rates.

Rev Pippen added: "I pray for the demise of these immoral lenders."

Payday lenders have defended their businesses saying that they are legally obliged to show an annual percentage rate, which may be more than 1,000 per cent.

But in reality borrowers pay one per cent a day with loans typically being paid back in about 15 days.

Cllr Dovey praised the Credit Union for providing a "lifeline" to those in need.

She added: "This is a wonderful example of the community coming together and working in partnership."

Thanks were paid to Chepstow Town Council, Monmouthshire County Council, Monmouthshire Housing Association and the Welsh Government who each gave grants and to local businesses that assisted the union.

Chepstow town council has also supported the union by becoming a corporate member and investing part of its reserves.