Borrowing money can be expensive. Doorstep lenders and private firms may lend you money with high interest rates.
You might be able to buy good and furniture from stores where they let you pay for goods by paying small amounts every week.
When you add up how much it costs overall, you end up paying much more than the basic price.
South Tyneside Credit Union
The Credit Union may be an alternative way for you to start saving and borrowing.
Membership of the Credit Union is open to everyone who lives or works in South Tyneside. It is a co-operative run by members and it is registered by the FSA and as such your savings are fully guaranteed.
You can make deposits in to your account by standing order, payroll deduction, paypoint or at one of the collection points. You can borrow from as little as £50 and this can be repaid weekly or monthly.
If you would like to be part of one of the largest credit unions in the North East then you can either ring 0191 454 7677, or email firstname.lastname@example.org for more information.
Beware of illegal lenders
Have you taken out a loan with an illegal moneylender, often called 'loan sharks'?
Because they're not licensed, loan sharks operate outside the law. If you borrow from them it's likely you'll:
- Get a loan on very bad terms
- Pay a massive rate of interest
- Be harassed if you get behind with your repayments
- Be pressured into borrowing more from them to repay one debt with another.
If you have borrowed money from a loan shark you are under no legal obligation to repay the debt. You should contact Trading Standards immediately. They will help you deal with your situation and the loan shark.
You can contact South Tyneside Trading Standards on 0191 424 7896 or 0191 424 4402 or phone the in-confidence helpline on 0300 555 2222.
For more information visit www.stoploansharks.direct.gov.uk
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