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Rent to Own is a very expensive way to get the things you want

Britain’s financial regulator this week announced a crackdown on high-interest lending.  The measures, designed to protect millions of people who use high-cost credit, will affect ‘rent-to-own’ shops that sell white goods for small weekly payments. Shops like Brighthouse will face a price cap similar to limits on payday loans. As part of the review the […]

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Unauthorised overdrafts can cost you a lot of money – there is a better way!

According to the Which? magazine, unauthorised overdrafts can cost borrowers up to 7 times more than a payday loan. The BEST solution is to contact the credit union where the typical loan costs 1% per month (APR 12.9%) AND, if you are a home owner wanting £5,000 or more, it can be as low as […]

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Fighting the Loan Sharks

This week HM Treasury announced new funding for the Illegal Money Lending Team of £5.5 million to help with the fight against loan sharks and to help promote credit unions as a responsible, regulated alternative to loan sharks.  Head of Policy & Communications at the Association of British Credit Unions, Matt Bland, said: “It was […]

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NHS workers top list of those applying for payday loans

NHS staff, council officials and gig economy workers are among the most regular applicants for payday loans, which charge interest of up to 1,325% per year, reports The Guardian. Around 300,000 people a month take out the high-cost short-term credit. At the end of 2016, 1.6 million people had payday loan debt, with the average […]

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New Grant Helps Credit Union Make Higher Value Loans

St Albans District Credit Union is delighted to have been awarded a further grant of £50,000 from the Lloyds Banking Group Credit Union Development Fund to support our growth.   The new grant will help the Credit Union continue to make higher value loans (over £5,000) by ensuring that we meet the relevant financial regulations, […]

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Better Rates Than TSB For Loans

Have you seen the article in the ‘Money’ section of the Telegraph today (21 April)? They mention that the TSB is offering a 23.4% APR rate for a loan of £3,000. IF you are in work and have a good credit rating, the credit union can offer a rate of 12.9%. They also mention that […]

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“Challenging Year” reported at AGM

It was reported at the recent AGM that 2016/17 was a challenging year for the Credit Union but with some areas of growth. Total membership remained quite steady and share deposits again increased overall.  Although the number of loans granted increased marginally, the value of Credit Union loans granted in the year fell by almost […]

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Have you applied for your Engage Classic Account & Debit Card yet?

If you’re looking for an easy-to-use low cost account, the Engage Classic account and debit card is available now from St Albans District Credit Union for as little as 46p per week. It’s free to apply, there are no credit checks and no hidden fees. You get your own personalised card with account number and […]

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Old £10 notes no longer legal tender!

As of 1 March 2018, old tenners, the ones with an image of Charles Darwin on the reverse, are no longer legal tender. At St Albans District Credit Union, we are no longer able to accept or exchange these notes. If you still have some of these old notes, your options are: – posting old […]

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NOTIFICATION OF ANNUAL GENERAL MEETING

Your Board do hope you will be able to attend our sixteenth Annual General Meeting. It is to be held at 8.00pm on Wednesday the 21st of March in The Aldersgate Lounge, Hatfield Road Methodist Church, 133b Hatfield Road, St Albans (Next to the CU office). The agenda for the AGM is noted below and […]

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