BBC News reports that Wonga is close to going into administration which is good news for everyone but their shareholders (and, sadly, their loan customers who will still need to repay their loans). Last time we looked, Wonga was still charging 1509% APR. And they are not alone. Lending Stream was charging 1333% APR, Quick Quid 1283% APR and Sunny 1290% APR.
The GOOD news is that the St Albans District Credit Union has lots of money available for loans up to £15,000 (subject to status) and our loan rates range from 5.9% to 27.9% APR) with no set up fees and no penalties for early repayment. Too good to be true? Not if you are a community bank with no shareholders to pay, no expensive TV adverts AND an ethical attitude to saving and borrowing. You will just need to live or work in Hertfordshire and show that you can meet the monthly repayments.
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