Credit unions offer a great alternative to taking out a short-term personal loan, it has been claimed.
Lucia Webster, head of membership services at the Association of British Credit Unions (ABCUL), explained that people who took personal loans from so-called money shops face paying extortionate rates of interests .
She said: " Credit unions charge no more than two per cent on the reducing balance of a loan and many charge just one per cent, which would mean that £1,000 taken out for a month and paid back weekly would accrue just £5.76 in interest at one per cent."
Anyone looking for a good deal on a short-term personal loan should look to a credit union first, rather than a money shop, as they will get a better deal if they do so.
Last week, Michelle Slade of Moneyfacts.co.uk, analyst at Moneyfacts.co.uk, stated that there are still some good personal loans of offer if people shop around.
Credit unions offering personal loans
Credit unions offering personal loans
Wed, 07 May 2008
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