Credit Unions

Credit unions are more sustainable and affordable than high street lenders, and can advise you on the most cost-effective way to borrow money if you are considering doing this.

Credit unions are owned by the people who use their services, rather than external shareholders or investors, so their focus is always on providing the best service to those members, rather than maximising profits.

The maximum any credit union will ever charge for a smaller loan is 3% per month on the reducing balance, which works out as 42.6% APR. This means the most expensive credit union loan in Britain is still eight times cheaper than a payday loan charged at their cap.
(www.findyourcreditunion.co.uk/about-credit-unions/ - April ‘22)

Visit www.findyourcreditunion.org to locate the closest one to you.