Council loans £250000 to credit union
London Capital Credit Union to receive £250,000 loan from Haringey Borough Council06 March 2014
Haringey Borough Council has loaned £250,000 to a credit union as part of a campaign to tackle predatory payday lenders.
Cash given to London Capital Credit Union aims to help thousands of hard-up families avoid the excessive interest rates charged by payday loans companies.
The credit union has issued more than 1,100 new loans worth nearly £1million to Haringey residents since October 2012.