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Pay-day loans and Loan sharks

27 November 2014 No Comment

Pay-day loans and Loan sharks

Pay-day loans, Forbrukslån and Loan sharks – these may not affect you but you may know or be aware of people who run into short term financial difficulty.

Credit Unions have been set up to help in such situations but it does not seem to be well known that the Eastern Savings & Loans Credit Union (ESLCU) covers East Anglia and that there is representation in Sudbury.

The local point of contact at present is in the Town Hall. A Sudbury Steering Group of 9 people, that includes 4 members of Churches and one Rotarian, has just been set up to provide fuller information locally on how it operates and the Interest Rates on savings and loans – these are certainly lower than on Pay-day loans. People just need to go to Reception in the Town Hall and ask about the Credit Union.

As the Steering Group becomes more established they will make more information available hopefully through more points of contact – currently there is just a general information leaflet.

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