Cheaper Loans 4 You!

An exciting new service is about to launch giving people on low incomes an alternative to doorstep money lenders.

If you borrow from a doorstep money lender such as Provident you’ll find yourself paying back a total of £840 on a loan of £500 over 56 weeks, that’s an APR of 183.2% You can check this for yourself by looking at their loan calculator on www.providentpersonalcredit.com.  

At Wiltshire money line, a loan of £500 will cost you £571.68 over the same period.  That’s a difference of £268! ‘Just think what you could do with that money!’

Wiltshire Money Line will encourage people to join credit unions – this is definitely the best way as it offers both savings and responsible borrowing.  However, for some people, saving in advance is not always possible.
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Anyone 18 or over who lives in Wiltshire or Swindon can apply, for a loan which will be charged at a typical APR of 24% plus a set up fee of 2% of the loan amount (capped at £30).  This is substantially less than payday cheques, log book loans or the doorstep options although you might find cheaper options at banks or building societies. 

Money borrowed will be based entirely on affordability, and people will be signposted if we consider  there is a better option for them.