Don't fall for expensive lenders' 'charms'

Date Released - 19/10/2017

TAMESIDE Council is backing Greater Manchester Credit Union Awareness Week to make sure people don’t get tricked by expensive lenders. Their advice is go local instead.

Cash Box has joined forces with other credit unions across Greater Manchester to create a new consortium of fair lenders called SoundPound. This partnership is standing together to take on exploitative lenders to show people there is a local and ethical alternative that could save borrowers hundreds of pounds.

Cllr Jim Fitzpatrick, Tameside Council’s first deputy (revenue and finance), said: “Too many people in Tameside are turning to payday lenders, expensive credit cards and doorstep lenders, but this can mean they end up in a cycle of debt that is not easy to break.

 

“Cash Box Credit Union is an ethical lender that is helping to combat this problem, making sure people get a fair deal on a loan, while also encouraging saving. I would urge people to get in touch with Cash Box to see how much they could borrow while avoiding sky-high interest repayments.”

More and more people are joining Cash Box every month. It offers competitive loans and easy ways to save, and is free and easy to join with the benefit of services online, in branch and via the telephone.

Michelle Clegg, general manager of Cash Box, said: “We’re delighted that Tameside Council is supporting Credit Union Awareness Week. Cash Box puts people at the heart of everything we do and wants to make sure we help as many people as we can to break the cycle of debt.

“We know how easy it can be to get tricked by shiny offers made by slick lenders, but Cash Box is for the people of Tameside. We want to make sure you are treated ethically and we would challenge residents to get in touch with us to see how much they could save on a loan.

“We don’t want you to get spooked by rip-off lenders – whether that’s payday loans, doorstep lenders or expensive credit cards. We want you to get local.

“Thousands of people are choosing not only to borrow with the Greater Manchester consortium of lenders but save with us too, keeping £24 million in the local economy. Why not join them?”

Also, look out for a competition offering the chance to win a meal for two at a restaurant of your choice for up to £100.

For more information on Cash Box Credit Union visit www.cashbox.org.uk



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