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Loan charges: Credit unions join scheme to offer loans

A total of 31 credit unions have joined a government scheme that aims to tackle payday lenders and banks.

Under the £35.6 million investment in what is known as the Credit Union Expansion Project, which was launched last month, the unions will be given more support to offer loans to members.

Credit Unions are often used in the local community and in the workplace.

If the scheme is successful then it could help to tackle the growing problem of people falling into financial trouble as a result of payday loan debts.

Alarm on this subject was raised when recent statistics from the debt charity StepChange reported that the number of people who had gone to them for help with payday loan debts had almost doubled.

Additionally, Credit Unions will also pose competition to banks in the UK. This is something that the government has been trying to stimulate in order to see people in the UK getting better deals.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801583970-ADNFCR

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