There is a lot of uncertainty for people right now, and financial worries are playing on the minds of many.
There are huge efforts being made to tackle both the virus and its consequences, and millions of people are playing their part, whether that’s on the front line in our hospitals, keeping the supermarket shelves stacked and the deliveries flowing, or simply staying at home to help prevent its spread.
But it is hard to overestimate the impact of the current public health crisis on families, the nation’s health, and the economy.
We know that people will be cutting back on their spending, especially those whose income is reduced or jobs are lost, as they focus on buying the essentials and paying their bills.
Despite the vast range of support measures announced by the government, many people are concerned about making ends meet and will be looking for other options.
Over the last couple of weeks we’ve noticed a huge rise in advertising activity from the various payday loan companies, those which offer ‘easy credit’ with significant strings attached.
The interest rates they charge and the penalties for late payments make these lenders an unwise choice at the best of times, and even more so during a crisis when circumstances are changing by the day.
As a not-for-profit credit union, CLEVR Money is in a unique position to help. The loans we provide are ethical and affordable, with government-capped interest rates, no fees and no hidden penalties.
The Money Advice Service has also warned against using payday loan companies or loansharks and recommended people speak to their local credit union instead. They’ve also got loads of advice about accessing any of the government support measures already announced, check out their page here.
The credit union was created to help people in their time of need and, arguably, has never been more important.
For workers who have lost their jobs or face reduced payments, for business owners unsure of how to pay their own mortgage once their cash flow dries up, for parents desperately trying to hold things together through these uncertain times, CLEVR Money is there to help.
Whatever your need, whatever your circumstances, please come and talk to us first.
Call our loans team on call 01253 478827 to discuss your needs.