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My Community Bank to defend myself against payday loan providers

Credit unions – that have been championed by both the Prime Minister plus the Archbishop of Canterbury as an affordable, not-for-profit substitute for pay day loan companies – are a cross between a co-operative and a bank and find out accountable lending being an “antidote to payday loans”.

My Community Bank will offer you loans of between six and three years, with a determination in theory provided immediately via an affordability that is online credit check.

Its loans could possibly offer a method out for folks caught by the pay day loan businesses that may charge interest levels of very nearly 6000% APR when customers ‘roll over’ their borrowing. These people are unable to refinance via a loan from a traditional high street bank in almost all cases.

Mohsin Mehdi, CEO, the Community Bank, said: “As a grouped community bank many of us are about Community Savings, Community Borrowing, Ethical Banking and Community Prosperity.

“We don’t only want to provide individuals an alternative solution to the high-street banking institutions, and a fantastic savings rate for anybody trying to find decent comes back. We also intend to just take the battle to your payday lenders regarding the globe.

“We can be an antidote to your addictive and type that is expensive of provided by payday loan providers.

“We will provide to those who aren’t fortunate enough to stay in the most notable 10percent of borrowers that the street that is high will lend to.

“And yes, we’re going to provide a lifeline to those borrowing that is considering a payday financial institution and also to those people who have currently done this and are also now caught within the roll-over trap.

“We will offer you extremely competitive savings products, and now we stay shoulder-to-shoulder utilizing the Archbishop of Canterbury in the campaign to rid great britain of payday loan providers with this fairly priced and responsible loans.”


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