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New financial support options

Friday 14 July 2017

THE CREDIT Union, supported with legal expertise from the University of Salford, has launched new products aimed at helping people deal with poverty.

Pay day loans, or even loan sharks, with sky-high interest rates can cripple families who struggle to make ends meet, as companies take advantage of their situation, resulting in a never ending cycle of debt. Interest rates can be as much as 4,000%.

Now Salford Credit Union is stepping in to provide loans at much lower interest rates, aimed at keeping people out of debt trouble. It can provide financial help for people living and working in the city and also those living in North Manchester.

It has just launched three new loan types for people with various needs with rates as low as 7.5% APR. These can be used for home improvements, a car or even a holiday, and can be secured with savings or taken out against payroll. They have flexible repayment options and can be used by people with poor credit scores who are turned away by the banks.

And it is not just loans that the Credit Union provides, it encourages saving habits in members to build financial stability. 

Dr Shane Sullivan, Head of the Law department at the University of Salford, said: “The service that the Credit Union provides is even more vital during times of economic uncertainty. People who are struggling financially can be caught in a vicious circle if they need to take out any loans from pay day loan companies. 

“Interest rates can be sky high and it just leads to a vicious circle where people have to use high interest loans to pay off credit card or other debt and then take out other loans to pay off those, each time at higher rates of interest.

“Working with the Credit Union we are aiming to break that cycle by providing loans or other support with repayment rates that are much lower. The University is providing free legal support to the Credit Union to enable it to help as many people as possible.”

Sheila Murtagh, CEO of the Credit Union said: “Thanks to investment from Salford Council we are able to help employees and residents tackle high cost debt or provide a loan for other purposes. In many cases we have been able to consolidate high costs debts onto one lower weekly or monthly repayment saving thousands in interest charges and fees. So take the wise choice and contact the credit Union for all your borrowing needs. It is easy to apply direct from our website at www.salfordcreditunion.com.”

Find out more

Sam Wood

0161 295 5361