Widgetized Section

Go to Admin » Appearance » Widgets » and move Gabfire Widget: Social into that MastheadOverlay zone

Avoid high-cost loans and save while you borrow

Anyone can be caught out by an unexpected bill or lots of things breaking down together, such as the cooker, washing machine and freezer.  

Also saving for an emergency is hardest for people on low incomes with the pressure of bills coming in.  When disaster strikes and you need to borrow money urgently you have no savings, so often the only hope is take out a loan from a payday lender at an eye-watering rate of interest.

Tempting as this is, you know it is the quickest route to suffocating debt, so where do you turn?  

Mendip Community Credit Union (MCCU) offers affordable loans, which enable you to save as you borrow. The Credit Union’s friendly volunteers can review your budget and loans can usually be arranged within days.  Saving with MCCU for future emergencies means even lower interest rates.  Interest rates capped at 42.6% APR for people who haven’t saved first are still much, much lower than Payday or Doorstep lenders and reduce to just 6.2% APR for advanced savers.  The amount of interest charged on loans is also much less than high interest lenders as the interest rate MCCU charges reduces as savings grow.

Joining Mendip Community Credit Union is easy. Bring things that show who you are and something that shows where you live, like a driving licence, passport; plus a recent bill with your address and a letter or payslip with your national insurance number.  If you are not sure what you need come along anyway and talk to one of the friendly volunteers.  In Frome there are weekly MCCU Service Points, held in Frome Library on Saturdays and on Thursdays at the Key Centre, between 10.00am and 12.00pm.

Members’ savings are safe and secure as MCCU is covered by the Financial Services Compensation Scheme (FSCS). Should MCCU fail, your savings would be repaid to you within a week, although please note that the FSCS compensation limit is £85,000. You can also find out more about MCCU at www.mendip community cu.org.uk/

Leave a Reply

Your email address will not be published. Required fields are marked *