youthmoney

There aren’t many options for low-income households wanting to borrow money.
Credit unions are a very  good choice. Their loans are designed to be affordable. Members can be encouraged to save as they make repayments. Some unions offer financial education and other support.
Loan sharks are disastrous. Their loans are illegal, very expensive and very difficult to [...]

[Read more →]

Want to help young people compare the cost of borrowing? Lenderscompared.org.uk is a brilliant new site that does just that. It’s paid for by the largest home credit companies, but operated independently by consumer organisations, including the National Consumer Council, Association of British Credit Unions, the Consumer Credit Association.
I just tried it. I imagined I [...]

[Read more →]

Doorstep lenders, also known as the home-credit industry, lend money to people who banks and building societies aren’t interested in.
 Interest rates, when worked out in a proper annual percentage rate fashion, are at shocking, rub-your-eyes-in-disbelief levels. Not the single figures of an authorised overdraft. Nor the 20% or lower credit card rate. More like well [...]

[Read more →]