HIDDEN - Saving and borrowing money

Think twice before taking out a loan with a payday lender or even a loan shark!

There are alternatives.

Credit unions provide a simple way to take control of your finances. They are community-based savings and loan co-operatives where members pool their savings to lend to one another. They are also an alternative to high street banks, building societies, and the Post Office for current accounts, and offer loans at a lower repayment rates.

Credit unions help you to make sure your rent and bills are taken care of by paying your wages or benefits directly into an account. Some accounts let you pay all your bills first so that you know how much you have left to spend.

Each credit union has its own membership requirements, often based on living or working in the area, but is open to anyone meeting those requirements. There is often a small one-off membership fee, and you can start saving from as little as £1 per week.

Find a credit union near you.