Red Kite Credit Union gives this friendly warning. |
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Credit union loans are so good that other lenders want to join the bandwagon.
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A genuine "Credit Union Loan" can only be given by a credit union authorised and
regulated by the Financial Services Authority under the Financial Services and Markets Act 2000. Another lender may have a Credit Licence and be perfectly legitimate but it cannot issue a genuine credit union loan. An upfront APR may seem low but make sure you know all extras, charges and penalties before making a decision. |
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Above all, beware of loan sharks, unauthorised lenders that come under neither of the above categories
of authorisation. Their interest rates are often very high, collection
methods can be ruthless and you may end up paying back in interest
and charges much more than you borrowed in the first place.
You can report unauthorised loan sharks, in confidence, on
www.direct.gov.uk/stoploansharks
or ring 0300 555 2222 |
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This page was last updated |
Undeb Credyd y Barcud Coch Cyfyngedig, trading as
Red Kite Credit Union is |
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