Low Cost Loans Help For Vulnerable Borrowers
Monday 08 March, 2021 Written by Which.co/Simon Collyer
LOW-COST LOANS - Which have pointed out government loans for vulnerable consumers In a section of the red book subtitled ‘supporting the most affected’, the government revealed a new pilot scheme to give no-interest loans to people who need money to pay for unexpected costs linked to the pandemic.
The loans are intended to be a form of ‘affordable short-term credit’ and could act as an alternative to expensive payday loans or ‘buy now, pay later’ schemes.
There’s very little detail on how the pilot will work, or how many people will be able to benefit, but £3.8m has been set aside for it.
ABC Comment, That's good news for strugglers. High-interest borrowing is a drain on the finances of those on low incomes.
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