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You and your money
This can be an expensive time of year, with the run up to the festive season bringing extra costs for school kit, heating and lighting the home, and maybe a few repairs to keep out the winter storms.
When you're on a low income, it's easy to be tempted to take a loan from a doorstep lender or credit shop.
What you may not realise is that it's a very costly way to borrow.
Interest charges can be as high as 300-400%.
Now there is a cheaper way - even if you are on benefits - your local Credit Union.
In this area, Hull & East Yorkshire Credit Union (HEYCU) has been set up by local people to bring affordable saving and borrowing within everyone's reach.
They are friendly, not-for-profit, and properly regulated by the Financial Services Authority.
To borrow from a credit union you must become a member and be able to show that you can repay the loan.
All loans are subject to approval but once approved you can also save up alongside your loan repayment, which is made direct from your bank account or wages.
You can even apply for a Credit Union Current Account, which allows you to manage your benefits as well.
A credit union introductory loan offers a quick and very cheap way to borrow small amounts.
On a loan of £pound;300 paid back over a year, you'll only pay £pound;41 in interest.
So you could save as much as £pound;154 compared with a typical doorstep lender*.
That's an extra £pound;3 a week to save up towards next Christmas.
Credit unions exist to help people in local communities manage their money well.
Why not give them a call?
*see the Government website www.nowletstalkmoney.com
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