The current crisis driven by Coronavirus has created financial pressures for many in the community. More people are needing to draw on small savings pots or expensive loan options such as payday lenders or even loan sharks.
Whilst the FCA’s announcement of a temporary payment freeze of up to 3 months on some loans and credit cards is welcome, for many, this doesn't go far enough.
Hardship and financial challenges can have a serious detrimental impact on general mental health and wellbeing, causing stress and anxiety. This perhaps rings even more true for families where mums and dads will do everything in their power to ensure that ‘family comes first’.
That’s why, the Wiltshire and Swindon Credit Union (WASCU) has just launched a new Family Loan. Designed for parents receiving child benefit, it's a fair, fast and fixed way of accessing up to £500, using child benefit to repay the loan over 12 months.
· Fair - it's easy to qualify with a simple affordability check rather than a credit check
· Fast - once your child benefit payment is set up, you can access the loan straight away
· Fixed - the loan has a simple fixed monthly interest rate of 3% (42.6% APR)
Clive Henly, chair of WASCU says: “We know many families across the county are struggling financially right now. Credit Unions are in a unique position to support families who are often excluded or penalised through ’mainstream’ borrowing including the self-employed, recently furloughed or those who have had reduced employment. With the new Family Loan, we can help offer much needed financial breathing space through access to affordable and responsible loans as well as promoting a regular savings habit.”
To find out more about the Family Loan, WASCU’s range of savings and loans options or for more about how Credit Unions help support the local community, please visit www.wascu.co.uk or get in touch via email at office@wascu.co.uk and phone on 01793 522216
Notes
· Credit Unions across the UK offer a vital financial service to well over 1m people
· Wiltshire and Swindon Credit Union serves over 2500 members in the county of Wiltshire. It operates across Swindon, Chippenham, Calne, Corsham, Cricklade, Malmesbury, Melksham, Salisbury, Trowbridge, Warminster and Westbury
· Our vision is that everyone deserves access to affordable, responsible and fair financial products that meet their needs. We encourage all our members to save money, however little, when they are able to. When they need to access that money, our members know they will get a fair deal and friendly support
· Our values are to be ethical, fair and secure. Just like high street banks and building societies, deposits into WASCU are protected under the Financial Services Compensation Scheme (FSCS) up to £85,000
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