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Bank charges: Government invests £38m in credit unions

In an environment where incurring credit card charges is increasingly unaffordable and payday loan claims are becoming commonplace, ministers have recognised the need for people to be able to access finance at lower rates than they presently can.

Therefore, the Department for Work and Pensions has approved an additional £38 million of investment for the expansion and modernisation of credit unions.

It is hoped this money will enable lenders in the sector to purchase the infrastructure and computer systems required to support a rising number of borrowers.

Parliament is also considering enabling these unions to heighten the two per cent monthly interest rates cap they currently comply with.

"Our investment will help credit unions reach up to one million new customers, providing a real alternative to rip-off interest rates from payday loans, doorstep lenders and illegal loan sharks," minister for welfare reform Lord Freud said.

Chief executive of Consumer Focus Mike O'Connor recently said it is good to see the coalition recognising the substantial need to a larger number of credit unions in the UK.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801394955-ADNFCR

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