| Access to affordable credit |
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People with the least money tend to have to pay the most for goods and services and that includes access to credit. Many people in our most deprived communities are reliant on high cost credit to pay for items that are beyond their weekly budget. They often borrow from doorstep lenders, use catalogues and are limited to high cost suppliers of household goods both on the doorstep and from shops in town. They can pay 400% or more on such borrowing. Some also borrow from illegal lenders or “loan sharks” with even higher rates of interest and sometimes experience violence and threats from the lender. For more information or if you think you know of a loan shark operating in your area visit the Stop Loan Sharks website, where you can find out more about what a loan shark is and report a loan shark in confidence via email, text message or on the phone. A much better, cheaper and properly regulated alternative is a credit union.
Credit unionsCredit unions help people take control of their money by providing access to affordable credit and encouraging saving, even very small amounts. Credit unions are co-operatives and are authorised and regulated by the Financial Services Authority. Like mainstream financial organisations members have the right to report unresolved complaints to the Financial Ombudsman Service and their savings are protected by the Financial Services Compensation Scheme Three credit unions operate in the borough:
LASER Credit Union Ltd. Location: 9-10 Old Town Hall Website: www.lasercu.org.uk Rothersave Credit Union Ltd Location: RAIN Building, Eastwood Lane, Rotherham, S65 1EQ Opening times: Mon – Fri 9.00 am – 4.00 pm Website: www.rothersave.co.uk
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| Last Updated on Tuesday, 05 April 2011 10:24 |
Access to Affordable Credit
