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Loan claim: Credit union rates to tackle payday lenders

Credit unions will be able to offer short term loans under new legislation from the government in a bid to protect consumers against payday lenders.

From this autumn, credit unions will be able to raise the cap on their interest rates from two per cent to three per cent. This will allow them to increase their lending to people who are considered to be more high risk and government is due to announce this measure on Wednesday June 12th.

Concerns have been raised as more and more consumers who are unable to manage their finances have been turning to short term loans to tide them over.

Yet the high interest on these loans has meant that their debt has been spiralling, bringing the practices of payday loan companies into question.

The Office of Fair Trading has been investigating these firms and has so far told 50 of them to change their practices.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801598168-ADNFCR

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