Almost half of people in Scotland admit to being in debt just weeks before Christmas
Last updated: 11.19am, Monday 28th November 2016
Glasgow-based lenders Scotcash and Scotwest Credit Union have joined forces with Asda supermarket and other responsible lenders across the UK to launch Affordable Loans.
The aim of these loans is to make it easier for people with poor or no credit rating to access affordable loans, saving them hundreds of pounds in the process.
A typical example would be:
£500 from Affordable Loans partner Manchester Credit Union – paid back over 52 weeks:
= £11.50 per week
= £597.02 repaid in total
The interest rate is 42.6% APR
This in comparison to a Provident loan:
£500 from Provident Financial – paid back over 52 weeks:
= £17.50 per week
= £910 repaid in total
Which is an interest rate of 272.2% APR
The total saving from the Affordable Loan would be £312.98
For more on Affordable Loans and to get a quick quote visit www.affordableloans.credit or follow @loan_affordable on Twitter to find out more.