Paying off loans the easy way
A local community bank is providing a lifeline for Octavia residents who might be struggling to access affordable credit.
Your Credit Union is allowing members who receive a regular income from the state to borrow against the money they receive in the form of a loan.
The arrangement works by people instructing the benefit provider to send payments directly to the union. This is then used to pay off the loan.
The union offers loan appointments in person at their offices in Kensington High Street, or over the phone.
Even if people have poor credit histories, we are still able to help them, because we have a guarantee the loan will be repaid. The scheme is proving very popular and we are starting to get people joining us applying for loans who are in receipt of a variety of state benefits. It also benefits the borrower because it shows they can manage that kind of debt and because repayments from state benefits are paid bang on time.' - William Rhodes
Members are taking out loans using benefits, including Child Benefit, Working Tax Credit, Disability Living Allowance, Disability Living Allowance/Personal Independence Payments.
For more information on Your Credit Union please visit www.yourcu.co.uk or call 020 7605 6341.