Lack of access to mainstream funds drives many to find loans at extortionate rates but there is a viable alternative. And savers can benefit tooWonga charges an APR of 1509%,QuickQuid 1270%, while doorstep seller Provident -Financial quotes 1068%. Yet there is an alternative source of loans for tough-pressed individuals without a favorable credit history, or where interest rates start at just 12.7%.
Credit unions – co-operatively managed “run by you,for you organisations – offer savings and loans products starting at just £50, and after years in the shadows are finally making more of an impact in England.
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Source: theguardian.com