credit
coming soon - ‘Kent Savers’
(subject to authorisation)
The Credit Union in Kent will be called ‘Kent Savers’.
‘Kent Savers’ is the latest and will begin operating from the end of November 2009 (subject to authorisation). ‘Kent Savers’ will also be offering a range of attractive savings products. Go online to register your interest now www.kentsavers.co.uk or call 0300 456 9990 from 1st November.
A credit union acts like a bank or building society and offers extremely favourable repayment rates. It is a far safer and more trusted route for taking out loans and other forms of credit than private individuals or loan sharks.
Typical examples:
A £500 Instant Loan costs just £10 per week for 57 weeks.
Total repaid: £570 (26.8% APR).
Perfect for people with poor credit histories: payments are accepted over the Pay Point network and you can save at the same time you borrow. Compare us to Provident and save up to £285. On a typical £500 loan over 57 weeks Provident charge £15 per week.
Total repaid: £915 (183% APR).
Remember: the higher the APR the more you will repay in total.
Contact details for existing credit unions in Kent
Canterbury
The District of Canterbury Credit Union
DCCU, PO BOX 825, Canterbury, CT4 6WB
Tel: 0845 257 5012 www.dccu.org.uk
Beware of unscrupulous lenders - loan sharks
Beware of unscrupulous lenders - there is no law about maximum interest that people can charge. Recently a loan shark was found to be charging 117,000% interest (APR) for its repayment rate, and another woman paid back over £88,000 on a loan of just £500. Don’t become a victim of a loan shark.
Loan sharks are not the answer to your money worries no matter how appealing easy cash may seem. Remember it is always best to apply for a loan from a reputable high street bank, building society or a Credit Union. This way you will know that the interest rates will be fair. There is also far more chance of them being reasonable should you run into unexpected difficulties with repayments.
A loan shark is someone who lends money without the right licence from the Office of Fair Trading. Loan sharks rarely, if ever, give any paperwork and if payments are missed they often use intimidation and violence to get money from their ‘clients’.
The Illegal Money Lending Team is here to help you
If you have any information, however small, on loan shark activities they can help.
- Have you been offered a cash loan?
- Have you been threatened when you couldn’t pay?
- Has your bank card been taken from you as a security?
- Does what you owe keep growing even though you make payments?
If you can answer yes to any of the above then you may have been bitten by a loan shark. If you, or anyone you know, is experiencing any of the above or has any knowledge of loan shark activities then contact the team in confidence.
The Illegal Money Lending Team can be contacted 24 hours a day, seven days a week on 0121 693 1122, by e-mail at stoploansharks@birmingham.gov.uk, or by text to: loan(space)shark(space) + your message to 60003.
Thinking of getting a credit card or store card?
Credit cards can be seen as an easy answer to get the things you want when you want them and not necessarily when you can afford them. But unless you can afford the repayments they can spiral out of control, mounting up increasing debt through high interest rates.
- Don't take on more credit than you can afford to repay. This is where budgeting will help you know what you can afford
- Don't sign up for a credit or store card without checking the interest rate (the APR)
- Make sure you understand the costs and charges
- Ask yourself whether a credit or store card is the best solution - a loan might be cheaper
