Debt Solicitors

If you are on a low wage or have benefits as your main source of income, a Credit Union which offers loans, savings and current accounts may help however are rarely used.

Credit Unions are small non-profit financial organisations, there to provide a financial community, where its members mutually benefit from savings and borrowing. There is no need to agree to high interest loans or doorstep lending, it is worth finding out a details of a Credit Union near you and what they could offer.
Credit Unions work by the members pooling their savings to lend to one another and help to run the Credit Union. Any money put in is used to help other members and not used to pay outside shareholders unlike other financial institutions.

The interest on loan is usually around 12.7% APR up to a maximum 26.8% APR. It should be noted that there are no repayment penalties and/or arrangement fees. Small loans can provide;

- Help with your rent arrears
- Help you to get back into employment
- Help to get you back into education
- Help with your household items
- Stop you taking out doorstep lending
- To be part of a Credit Union, you need to share a ‘common bond’

with other members, such as:

- Live or work in the same area
- Work for the same employer as other members
- Belong to the same church, trade union, church or other association

To find out more about Credit Unions and to find your local Credit Union visit ABCUL

Anthea Dave