Unify Credit Union is warning people in Wigan and Leigh to avoid doorstep lenders and loan sharks as a way of dealing with the post Christmas financial hangover. A report by Circle Anglia has shown that over 100,000 people resorted to loan sharks to finance their Christmas spending and many more have obtained loans from high interest doorstep lenders charging in excess of 184% interest.
Carol Isherwood, Chair of Unify said ‘We are aware that many people borrowed from high cost lenders leading up to Christmas and are struggling to make their weekly repayments. Unify can help and if you are in this position, you need to give us a call on 01942 701706. ‘
Unify Credit Union is working in partnership with Trading Standards and the Illegal Money Lending Team to offer an alternative to residents of Wigan and Leigh. Unify provides low cost loans costing from just 1% per month (12.7% APR) and encourages members to start saving towards next Christmas.
A loan of £500 from a doorstep lender costs £17.50 per week at an interest rate of 272.2% and you would end up paying £410.00 in interest!
A Unify Saver loan for £500.00 would cost £10.60 per week, with an interest rate of 12.7% and the total interest would be £29.98, saving a massive £380.02!
Unify, regulated by the Financial Services Authority, now has over 4000 members using their services across the borough and has plans to open a new office in Leigh town centre in the coming weeks.
For further information telephoned 01942 701706 or 01942 517894 or call into the main branch at Smithy Green in Ince.
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