The Rough Guide to Money and Savings by Rough Guides

Author:Rough Guides
Language: eng
Format: epub
Publisher: Apa Publications
Published: 2014-12-23T05:00:00+00:00

Credit unions

You can get a less expensive short-term loan if you borrow from a credit union, a not-for-profit organization that’s owned by and run for its members. Credit unions can be a lifeline for people who can’t get an ordinary bank account. Members save small amounts of money and borrow relatively small loans (typically £100–£400). The maximum interest rate the credit unions can charge by law is 3% a month – which works out at 42.6% APR (compared to up to 1500% APR for payday lenders). If you borrowed £100 over 30 days from a credit union, you would pay no more than £3 a month in interest.

☞ TOP TIP You can find your nearest credit union on the Find Your Credit Union website.

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