Loans and credit
Doorstep lenders, car finance companies, pawn shops, catalogues and weekly payment stores sometimes charge very high interest rates on any purchases made from them.
While these lenders operate legally, in many communities there is often a problem of illegal loan sharks who may use fear, intimidation and violence to enforce their loans.
However, there is an alternative! Great value loans are available from your local credit union or Moneyline. Credit unions are not-for-profit financial co-operatives which are run by local people, for local people. Have a look at our table to see how they compare with other lenders.
| Source of credit |
Loan amount |
Typical APR |
Number of weeks |
Weekly amount |
Total amount repayable |
Total interest repayable |
| Cheque casher |
£300 |
246.5% |
52 |
£17 |
£884 |
£584 |
| Doorstep lender |
£300 |
183.2% |
56 |
£504 |
£504 |
£204 |
| Credit Union or Moneyline |
£300 |
26.8% |
52 |
£6.55 |
£340.55 |
£40.55 |
To find details of your local credit union, visit the website for Association of British Credit Unions – click here or call 0161 832 3694.
If you live in Salford, Oldham or Rochdale another alternative might be Moneyline Greater Manchester – click here or call 0161 736 6500.