Affordable and accessible credit in time for Christmas
Published Monday 21st December 09
Local access to affordable loans has been brought to Wellingborough to help ease money worries as Christmas approaches.
People who find it difficult to get credit from a bank often turn to expensive doorstep providers or even illegal money lenders at this time of year, and can end up committed to unreasonable interest rates and expensive repayments.
Midland Community Finance (MCF), a not-for-profit community finance business that has been successfully working over the past four years in Derbyshire, will be working from the Borough Council of Wellingborough's offices and will be providing affordable loans for local people who can't get credit from a bank or building society.
Councillor Paul Bell, Deputy Leader of the Council says that he is pleased that the facility has been set up in Wellingborough: "No one wants to encourage debt, but we know that a lot of people in the most need do not have the access to credit, or some even a bank account.
"This scheme should have a positive effect on reducing illegal money lending and crime in this difficult economic time."
Melanie Andrew, Chief Executive of MCF explains how the loans can be accessed: "We will be working from the Council Offices, Tithe Barn Road, Wellingborough from 9am to 5pm most days. The loans start from £200 up to £1000 for new customers and people can apply if they claim benefits or are working. We have a quick turnaround - you will get an answer within two days - and if approved we will advance the money within the week.
People can get referred to our service by the council, Wellingborough Homes, their social landlord or advice agencies. To make an appointment call 0845 388 3998."
| Midland Community Finance |
Main doorstep lender |
| Loan amout: £300 | Loan amount: £300 |
| 52 weekly repayments of: £6.50 | 52 weekly repayments of: £10.50 |
| Total amount payable: £338.00 | Total amount payable: £546.00 |
| Typical 25% APR | Typical 272.2% APR |