Credit unions offer alternative to Big Four banks
Commenting on the latest quarterly statistics on credit unions issued by the Bank of England today, David Mann, Head of Money at Uswitch.com, says: “As credit unions gather significant momentum, it’s clear consumers are looking for an alternative to the vice-like grip the Big Four banks have on the market.
“Over 1.5 million consumers have now turned to credit unions for their banking and lending needs. Yet there is a misconception that they only offer a solution to those with a rocky credit history. In fact, credit unions can help people across all income spectrums and meet the growing need for short term credit neglected by the high street banks. For example, they tend to offer payday loans at a lower rate than the maximum set by the FCA and much lower than the astronomical rates of the less scrupulous lenders.
“However, as with all financial products, consumers still need to shop around before taking out any kind of credit to make sure they really are getting the best deal on the market.”
For more information visit www.Uswitch.com or call 0800 093 06 07
FOR MORE INFORMATION
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
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