Author: Ian Sims

Credit unions help people borrow or save money at lower interest rates than they would receive through traditional lenders. Credit union loans are often considered to be a much lower cost alternative to payday loans in the UK. First established in the 1940s, these unions are...

Revolving credit refers to a credit line category that enables you to have access to a certain amount of money (known as a credit limit). You are able to borrow up to this maximum amount, and once you start to make repayments on this balance...

  Payday loans are unsecured loans (meaning that there is no security such as a property or vehicle that backs the loan) making it more costly for the borrower. This makes payday loans considerably more expensive than other options available on the market. However, used under the...

In the UK, the payday loans sector is currently worth in the region of £300 million. This valuation is based on the average payday loan amount in the UK being £300 and around 1 million loans taken out in the last year. Payday loans by numbers   Source: https://www.fca.org.uk/data/consumer-credit-high-cost-short-term-credit-lending-data-jan-2019   Is...