Published:
23rd December 2011
1:41 PM
 » Local News » Avoid Loan Sharks This Christmas

Avoid Loan Sharks This Christmas

There are better ways to borrow money than accepting the offers of doorstep loan sharks if the banks cannot help you. Across the UK around 2 million people take out pay day loans each year and whilst they can offer a welcome relief, failure to pay them back on time often comes at the heavy price. Some firms charge a flat fee, plus daily interest of between one and two per cent, meaning the costs [...]

There are better ways to borrow money than accepting the offers of doorstep loan sharks if the banks cannot help you.

Across the UK around 2 million people take out pay day loans each year and whilst they can offer a welcome relief, failure to pay them back on time often comes at the heavy price. Some firms charge a flat fee, plus daily interest of between one and two per cent, meaning the costs can mount up over just a few weeks.  

Some well-know firms that advertise on television charge the equivalent of over 4,000% over the course of a year and target families with children by advertising on children’s television channels.  However, there is a much better alternative available to local residents.

Lincolnshire Credit Union Ltd is authorised and regulated by The Financial Services Authority (FSA) and is a financial cooperative owned and controlled by its members.

Loans are available from Lincolnshire Credit Union from just one per cent per month (12.68 per cent APR). All loans are subject to status and approval and are only available to members of the credit union who are over the age of 18.

Find out more by calling 01522 528886 or go to www.lincscreditunion.org.uk

And please remember, if you are dealing with debt you are not alone.  Free advice and support can be obtained from CCCS and the East Lindsey Citizens Advice Bureau.

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