My Community Bank to battle payday lenders

My Community Bank to battle payday lenders

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

My Community Bank offer loans of between six and 3 years, with a choice in concept supplied immediately via an affordability that is online credit check.

Its loans can offer a way out for individuals caught because of the cash advance businesses that may charge interest levels of nearly 6000{6dd60fa502fc498728612f02b1d1a2beab99874f271b73d46d1d92b3b6fbeaa6} APR whenever clients ‘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, our Community Bank, stated: “As A community bank many of us are about Community Savings, Community Borrowing, Ethical Banking and Community Prosperity.

“We don’t just want to provide individuals an alternative solution to the street that is high, and a good cost savings price for anybody to locate decent comes back.


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