London Mutual Credit Union is leading a drive from the not-for-profit market to defend myself against the pay day loan pushers

London Mutual Credit Union is leading a drive from the not-for-profit market to defend myself against the pay day loan pushers

B etty, Earl and Joyce, the elderly puppets in Wonga’s beguiling tvs advertisements, vow “directly talking revenue”. Exactly what they don’t determine people would be that brief financial loans are offered for a tiny tiny fraction of Wonga’s 4,214percent rate – also to individuals who have already been refused by their own lender.

Truly offering one-to-three thirty days financing, at CUOK!, at an interest rate of 26.8percent and, crucially, is encouraging immediate cash. They claims individuals can buy “funds as it’s needed rapidly” with payday advances in a quarter-hour.

Versus Wonga, the savings are staggering. In addition, London Mutual imposes no add-on penalties for belated payment, just the interest, which on A?400 simply 27p every day.

London shared fees A?8 interest on a 30-day loan of A?400 while Wonga expenses A? interest and charge

legit personal loans for poor credit

So whatis the capture? Sadly there was a rather large one a it really is only prepared for individuals who live or work within London Mutual catchment area, which covers the boroughs of Lambeth, Southwark and Westminster. None the less, which is however 1.2 million folks. Like Wonga, London Mutual will run a credit check up on an applicant, and, like Wonga, risk turning all the way down people that have a very bad record.

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