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We’ve all seen the advert. In the middle of a busy day mum or dad are left with an exploded car or a broken freezer. An easy credit company swoops in to save the day, bringing with it a promise of swift cash, but they don’t tell you about the real cost. They don’t explain what will happen if you miss a payment. An APR of 1245% is hidden in tiny little letters at the bottom of the screen. Read that again.  

Then there are doorstep lenders who give you money there and then and hope you’ll be so relieved you won’t see the fine print about interest or admin costs.

The same goes for hire purchase stores. They claim that the cooker you buy from them is the same price as the one in the conventional store, but what they only mention (in small print) is that they’ll be adding a lot of interest to that initial price.

All this eats into family finances and can result in hardship and debt that can force families in need into a downward spiral. It doesn’t need to be like that and credit unions can help break that cycle.

Credit unions

Being a member of a credit union can give you access to low cost credit when you need the money and allows you to save at the same time. As your loan gets smaller so does the amount of interest you pay. You are encouraged to build on savings, taking advantage of the free life savings insurance as well as the free loan insurance.

In East Ayrshire there are two credit unions:

There are no hidden costs and the volunteers will always look at how best to suit your needs. With starter loans of between £300 and £500, it’s maybe time to give them a look. (Article by Tom McWhirter)

Contact Information

Financial Inclusion Delivery Manager
East Ayrshire Health and Social Care Partnership
The Johnnie Walker Bond
15 Strand Street
Kilmarnock
KA1 1HU
Telephone Freephone: 0800 389 7750
Ayrshire Credit Union
105 King Street
Kilmarnock
KA1 1QD
Telephone: 01563 555858
Sovereign Credit Union Ltd
11 The Square
Cumnock
KA18 1BG
Telephone: 01290 420044

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