Credit unions 'help beat loan sharks'

Money News

www.moneynews.co.uk > Loans > Credit unions 'help beat loan sharks'

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Credit unions 'help beat loan sharks'

People struggling financially have been advised by a regional newspaper to visit their local credit union rather than risk a loan shark.

The Norwich Evening News acknowledged how the credit crunch has made loans less available and harder to secure.

But it added that rather than visit any illegal money lenders, people "would be better advised to pop along to their local credit union".

Credit unions are bodies offering savings and loans to local communities.

Doreen Hatch, of Kett's Credit Union, said people could borrow twice the value of their savings as they accumulate.

"The savings don't get touched and the loan is taken out against that and they pay one per cent interest on the total each month," she said.

Payment plans are developed which often encourage members to save while paying off the loan.

Last month, the Times reported that credit unions will be reformed next year to encourage greater use of them, especially by low-income households.

Credit unions are owned and controlled by their members.

ADNFCR-323-ID-18785333-ADNFCR

Related News : Loans

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet