Credit Union Vs Doorstep Loans
Ever since SaveEasy Credit Union started to provide ethical savings accounts and affordable loans in the Llanelli and District area, we have been aware that a number of residents in the communities use doorstep or home credit lenders.
Doorstep loans are the largest high-cost credit market in the UK and are used by over 1.3 million customers.
SaveEasy Credit Union has always looked to offer an affordable alternative, whilst also encouraging members to build savings alongside loan repayments that could help when unexpected expenses arise in the future.
The Money Advice Service has highlighted the cost involved in borrowing from home credit companies compared to other types of borrowing it is very expensive. For that reason it should be avoided if you have access to other forms of credit.
Although the market is shrinking we understand there will always be doorstep lenders. However those who are currently using or considering using this form of credit should contact SaveEasy Credit Union to see how a loan from us compares. A loan calculator can be seen here.
Our APR ranges from 9.4% to 42.6%. A leading Doorstep Loan provider charges on average 299.3%.
At SaveEasy Credit Union we carefully assess each applicants personal circumstance, we make loan decisions on affordability and tailor repayments to suit you. Members who have a loan from SaveEasy Credit Union also benefit from free loan protection (subject to rules). As we are a co-operative you can be assured that loans are designed purely for the benefit of account holders and not external shareholders.
We have significantly grown as a Credit Union and now operate across Carmarthenshire, Pembrokeshire, Ceredigion and West Glamorgan.
As of 2020 you can also join and apply for a loan with SaveEasy online. This means anyone living within the Common Bond has the ability to potentially save a lot of money by borrowing with their local Credit Union instead.