Many people are struggling to cope with welfare benefit cuts, low wages and high unemployment as the policies of austerity bite. So it’s encouraging that the Church of England is planning a network of credit unions in direct opposition to the misery and wrecked lives offered by Wonga and other payday loan companies.
Less encouraging is the failure of government ministers to support Paul Blomfield’s High Cost Credit Bill. It sought to regulate payday lenders and deserved cross party support.
The Sheffield Credit Union on Commercial St has a “mission to provide our members with access to fairly priced financial services and encourage the development of good financial practice.” Anyone can join and start saving for just £3 to become eligible to apply for future loans at affordable rates.
I encourage anyone tempted to turn to Wonga to enquire about Sheffield Credit Union instead. A small deposit or monthly standing order will also help other people who really need an affordable alternative to loan sharks.
Wonga offer loans at an APR of 5,853%. By law, the maximum interest rate charged by a credit union is currently 26.8% APR. Join and support your local credit union !
Sheffield Green Party