The Wee Glasgow Loan introduced by Credit Unions to offer a lower cost alternative to Payday loans.

Have you heard about The Wee Glasgow Loan on the radio or on the net? Glasgow City Council have backed The Wee Glasgow Loan as a cheaper alternative to high interest borrowing and to stop family’s across Glasgow to stop getting into the cycle of debt as people are commonly known for going for high interest credit especially on times like Christmas.

The leader of Glasgow City Council Frank McAveety had this to say “Glasgow solution to a Glasgow problem”, “You can apply online, it’s based on affordability and payments back will be nowhere near the extortionate levels offered by those in the private sector. Compared with our loan, the private providers will be charging 10 times as much over the same period of time. “This is a genuine opportunity for the people of Glasgow, particularly coming up to Christmas, to take a loan out that isn’t going to kill them. I come from an ordinary family like most Glaswegians and Christmas is a tough time, particularly if you’re in a big family.”

BCD Credit Union (www.bcdcreditunion.co.uk) & Pollok Credit Union (www.pcu.org.uk) will be operating The Wee Glasgow Loan which will have an interest rate of 2% per month compared to the average Payday lender charging 38% with The Wee Glasgow Loan lending up to £400 for first time applicants and up to £600 after the first loan.

The operating director at Pollok Credit Union, Jim Garrity said: “For too long now some payday lenders and rent-to-own retailers have used their position of strength to prey on the most disadvantaged, often trapping families in an abusive and expensive cycle of debt.”

One member of the Poverty Leadership Panel said “Glasgow citizens borrow £57 million a year through doorstop lenders, pawn brokers and rent-to-own outlets. “From personal experience I know that they’re not lenient and goods can get taken away.”

The loan is available to anyone living in Glasgow but is targeted at the estimated 100,000 citizens relying on high-cost credit.

If you or someone you know is in the cycle of debt through something like Payday loans and find yourself shelling out most of your income to pay these loans back get in touch as here at www.scottishtrustdeed.info we can help Scottish residents write off up to 75% of their unsecured debts using government legislation called a Scottish Protected Trust Deed that will allow you to pay back what you can afford without your creditors contacting you.

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