BBC News - Affordable loans plan is unveiled
It's good to see people getting access to cheap money with base rates at 0.5%.
A new not-for-profit lending scheme is being unveiled aimed at giving manageable loans to financially excluded people.
A pilot scheme has been set up in the West Midlands called My Home Finance, in the hope of diverting people away from borrowing from loan sharks.
However, the interest being charged is higher than the maximum by law that credit unions can charge.
It will charge 29.9% APR in the pilot scheme, rising to 49.9% APR in April.
A pilot scheme has been set up in the West Midlands called My Home Finance, in the hope of diverting people away from borrowing from loan sharks.
However, the interest being charged is higher than the maximum by law that credit unions can charge.
It will charge 29.9% APR in the pilot scheme, rising to 49.9% APR in April.
It's good to see people getting access to cheap money with base rates at 0.5%.
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