We are delighted with the success of the Family Loan since it was launched a month ago.
More than 100 families have taken the opportunity to borrow up to £500 to help out with everything from buying a new washing machine or fixing up the house, to taking the kids on holiday and even paying off other debts.
It’s pretty straightforward for anyone with children, as they can use their child benefit payment to pay off the loan over 12 months. There’s even some left over each month to take out or put away in a credit union savings account for next time there’s a big payment needed.
The fact that we don’t make our decisions based solely on a credit check means we really can help people who have a less-than-perfect credit rating and either can’t get a loan elsewhere or end up stung with crippling interest rates from payday lenders. The great thing is that, by repaying this loan every week with a benefit payment, direct debit or standing order, it is actually helping to rebuild their credit rating which should help them in the future.
This initiative is helping families right across the Fylde Coast and Preston, by covering the cost of their immediate needs and helping to improve their credit score for the future. It’s good money management and, by becoming a member, we can help people keep on top of their finances and avoid getting into bad debt in the longer term .
As the local credit union, CLEVR Money offers face-to-face appointments at community centres and our branch in Birley Street for anyone who wants help with their finances. Check out our website or Facebook page for details of our next community drop in sessions.