Just Credit Union say there is still time to arrange an affordable Christmas loan

Shropshire and Telford & Wrekin’s not-for-profit savings and loans co-operative announced today there is still time to arrange an affordable loan in the run-up to Christmas.

Just Credit Union say loan applications received by December 16 will be guaranteed a loan decision and those agreed will be in the bank in time for Christmas.

Steve Barras, Just Credit Union Development Officer, said today: “Whilst we encourage people to save for Christmas we recognise that some may need to borrow. We want to give as many people as possible the opportunity to arrange an ethical affordable loan rather than other high-cost alternatives. So far this year we have arranged over a thousand Christmas loans for people in the region saving many thousands of pounds against these high-cost alternatives.

“Whilst many ‘pay day lenders’ have disappeared, there are still a large number of high-cost lenders out there with APRs that run into the hundreds – and even thousands – of percent.

“Worst still, people may be tempted to turn to illegal money lenders or loan sharks.

“These people can be very sophisticated and initially appear as a ‘friend’ helping out. But threats and intimidation soon follow with people forced into paying many thousands of pounds.

“If people are borrowing this Christmas we encourage them not to use unplanned borrowing arrangements. It can be tempting to use credit cards, overdrafts or ‘buy now pay later’ schemes.

“But these can all mount up and become a major headache in the new year. With a Just Credit Union Christmas Saver Loan we will ensure the repayments are affordable and are spread over a period that works for you.

“Members then have a known fixed repayment which fits their budget with no hidden charges or extra costs.

“We may even suggest a lower loan amount to people if we think they may become over stretched, and if you’ve missed our deadline we will still do our very best to sort things in time for Christmas.”

Steve added: “One of the great advantages of our Christmas Saver Loans is that we will also set up a savings account and members start to build a savings pot for an emergency or perhaps even for next Christmas.

“Full information on Just Credit Union’s savings and loans accounts are available our website justcreditunion.org.

“There is support available for anyone who has borrowed from a loan shark via the England Illegal Money Lending Team’s Stop Loan Sharks campaign.”