Credit unions
Trisha Jones, Helen Still and Peter Higgins write about a new Quaker-led survey
Many people want a loan and cannot, for many reasons, access the loan facilities at their local banks or building societies. It may be that they are not permanently employed, do not have a bank account, are a tenant (rather than a homeowner), have a county court judgement against them, or have a poor credit rating score. Sadly, too many of these people turn to local money lenders, the local Provident agent, one of the payday loan companies, or loan websites; all of whom charge exorbitant interest and ruinous late payment charges. Very often, such loans are rolled over into new, more expensive, loans.
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