Debt help

CREDIT UNION OFFERS CHEAP PAYDAY STYLE LOANS

London Mutual credit union has said that more than 6,000 people have successfully applied for its new payday-style loans online.

The credit union offers loans of between £100 and £1,000 at an interest rate of 2% a month. This means that borrowing £400 for a month would cost just £8 in interest.

Customers who want the money the same day will need to pay an extra £11.

Borrowers do not have to save with the credit union but they must live or work in one of the four inner-London boroughs.

Other credit unions are expected to offer a similar service next year; competing with the controversial payday-loan market.

London Mutual also carries out affordability checks to ensure customers can pay the loan back.

The payday loan industry has come under fire in recent times as many providers often don’t check the affordability of a loan before approving it. The high interest rates can also be a problem for many borrowers.

Beverley Budsworth of The Debt Advisor said: “Traditionally you had to save with a credit union before you could borrow money from them. It’s great to see a credit union being more commercial and competing with the payday loan market. It’s also refreshing to see proper credit and affordability checks in place. Hopefully more credit unions will follow and make affordable short term loans available to those who need them.”

If you’re struggling with payday loans or other kinds of debts, you should be aware that there options are available to you including the new Protocol Compliant Debt Management Plan which was rolled out on 1 October 2013. The Debt Advisoris one of only 5 companies that have been so far been approved to undertaken these plans.

Call today on 0800 0851 825 to speak with one of our advisors. If you’re calling from a mobile, you can reach us on 0161 868 2500. Alternatively you can fill in the contact form at the top of the page and we’ll call you.

The Debt Advisor is regulated by both DEMSA and DRF and adheres to their codes and standards as well as the new Protocol Compliant Debt Management Guidelines.

CREDIT UNION OFFERS CHEAP PAYDAY STYLE LOANS

Do you need help?

Specialist advisors are available who can advise you on the most appropiate solution to bring you relief from debt

More Posts From The Debt Advisor

CREDITOR ACTION – WHERE ARE WE UP TO?
Beverley Budsworth – The Debt Advisor FCA regulated Debt Solution Provider Judgments increasing against consumers Judgments in first quarter of...
Debt Relief Order changes – more people will qualify
The criteria to qualify for a Debt Relief Order “DRO” changes on 29 June 2021.  This will mean that around...
Mental Health – How to help yourself recover “Post Pandemic”
Mental Health - How to help yourself recover “Post Pandemic” PPSD* (post-pandemic stress disorder) Not (yet) an official term but...
Breathing Space debt respite scheme
What is Breathing Space? From May 4th 2021 new legislation will be brought into place to allow approved debt advisers...
How to improve my Credit Score?
Within the UK there are 3 main credit reference agencies, TransUnion, Equifax and Experian. All 3 work with banks, building...

We are proud of our 5* TrustPilot customer reviews

We are proud of our 5* TrustPilot customer reviews

The Debt Advisor Accreditations

There is an alternative free-to-consumer debt services from the Money Helper.

The Debt Advisor Accreditations

There are alternative free-to-consumer debt services from the Money Helper.

We’re ready to help with any debt problems

Social media

The Debt Advisor has a long and rich history of helping people and companies get past their debt problems. We welcome people to get acquainted with our company, history, team and to listen to the stories from the people we have helped.

Alternative free-to-consumer debt services are available from the Money Helper website.

Customer Support

18-22 Lloyd Street, Manchester, M2 5WA

Monday to Thursday: 9:00 am – 7:30 pm
Friday: 9:00 am – 3:30 pm

Company Registration: 06248441 | The Debt Advisor Limited is Authorised and regulated by the Financial Conduct Authority Reg No: 659920.

All debt solutions should be very carefully considered. Please note, if you are struggling with debt issues and need advice on your options, we’ll take a look at your financial situation and explain the available options. If it is appropriate to refer you to one of our trusted providers for a solution, we may get a fee for introducing you, or for the preparatory work we complete. Fees are payable if ongoing services are provided.

Copyright © 2022  The Debt Advisor | Privacy Policy | Cookie Policy | Complaints | Careers