Credit unions вЂ“ which were championed by both the Prime Minister while the Archbishop of Canterbury as an inexpensive, not-for-profit substitute for cash advance companies вЂ“ are a definite cross from a co-operative and a bank and discover accountable financing as an вЂњantidote to payday loansвЂќ.
My Community Bank will offer you loans of between six and 3 years, with a determination in principle provided immediately via an on-line affordability and credit check.
Its loans can offer a method out for individuals trapped because of the cash advance businesses that may charge interest levels of very nearly 6000% APR whenever clients вЂroll overвЂ™ their borrowing. These people are unable to refinance via a loan from a traditional high street bank in almost all cases.
Mohsin Mehdi, CEO, our Community Bank, said: вЂњAs a grouped community bank we all have been about Community Savings, Community Borrowing, Ethical Banking and Community Prosperity.
вЂњWe donвЂ™t simply want to offer individuals a substitute for the street that is high, and a fantastic cost savings rate for anybody shopping for decent returns. Continue reading “My Community Bank to defend myself against lenders that are payday”