City : Money and Benefits Market : Loans

Money and Benefits Market

A loan is where you borrow money from another person or a company. Here are some of the people and places that offer loans:

  • Credit Union

    What is it?

    money.gifA credit union is an alternative way of saving and borrowing money. It’s different to a bank or doorstep lender. You join a credit union, save money with them and after a period of time you might be able to take out a loan from them.

    Want to know more? Click here

  • Loan Sharks

    What is it?

    Loan sharks are illegal moneylenders who often charge very high interest rates – you can check if a company is licensed to lend money and how to report one that isn’t.

    If you spot a loan shark, or have borrowed money from one, you can report them anonymously.

    The term ‘Loan Shark’ is also sometimes used to describe legal money lenders who also charge very high interest rates, such as payday loan companies.

    Want to know more? Click here

  • Payday Loans

    These have had a lot of bad press recently. Talk about huge interest rates can potentially be misleading. If you are desperate and have had a month with an unexpected expense then these can be useful, but are not a good idea in the long term as they can get you further and further into debt.

    question.gifThe big question you must ask yourself is ‘Why do I need this loan?’ If it is because you are always struggling to get to the end of the month with your pay packet then think about changing how you budget. If it is because you have had an unexpected expense this month then think about how you will save in the future to avoid having to take out a loan.


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