- About us
- Get involved
At this time of year we are spending more money than usual as we prepare for the Christmas season, in addition we see our heating costs rise. As it can be hard to cover these costs it is easy to be tempted into using a credit card to pay for items such as Christmas presents for friends and family. Credit cards are risky for consumers as they are potentially a very expensive way of borrowing and can easily leave people with serious debt problems. The same is true of using a payday or short term loan provider to borrow money as they often charge very high interest rates that for many can be difficult to cover.
If you require a short-term loan to cover an unexpected expense it is advisable to seek the help of a credit union as opposed to a high street bank or short term/payday loan provider. Credit unions are non-profit, community run loan providers. As they are non-profit providers of loans the interest rates will tend to be much lower than what you would pay with a commercial loan or on a credit card. Your local authority can provide you with information on credit unions in your local community.
You should not be requiring a loan on a regular basis. If you find that you require loans on a regular basis to cover day-to-day expenses please seek financial advice. You can find useful advice on many financial matters online via Money Saving Expert.