CWRT battles pay day lenders in run up to Christmas…
The Coventry and Warwickshire Reinvestment Trust (CWRT) has launched its personal loan service for Christmas. In 2006, CWRT was awarded government funding to help individuals’ living in Coventry and Warwickshire gain affordable finance without having to resort to door step or pay day lenders or any other high cost loan provider.
CWRT personal loans range between £100 and £700 over a maximum 12 month period. The difference between CWRT and Pay Day or door step lenders is that the not-for-profit organisation doesn’t charge extortionate interest rates, there are no hidden charges or confusing small print.
The problem is real – Around 7.8 million people in the UK are unable to access mainstream credit such as bank loans, forcing them to turn to payday lenders or even illegal loan sharks. According to a recently Department of Trade and Industry estimate, 165,000 people in the UK are using unregulated, off-the-books moneylenders at any one time.
With the recent publicity around high interest lenders, there is now a higher degree of awareness about these firms. However, many low income individuals are also finding it difficult to access money through mainstream high street lenders. These factors highlight the need to promote a viable, local and affordable lender like CWRT.
By recycling an initial loan fund of £500,000, CWRT has granted 4,500 personal loans amounting to £1.9 million to date.
Jim Dearlove, personal loans officer at CWRT comments: “Christmas is often a time of extreme financial pressure, and we want to help local people to avoid lenders that charge a high interest rate.
“Our main aim is to assist people with a line of credit at an affordable rate. Many of our loans have already assisted individuals’ during difficult times, and with only eight weeks to Christmas we can help again, whether the money is for gifts, a new dining table or simply just a little extra for unexpected expenses.“
The closing date for applications for a Personal Loan for Christmas is Friday 4th December 2015.
To find out more about the loan fund, please visit http://cwrt.uk.com or call 02476 551 777.
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