Abcul welcomes Budget measures for credit lending

Thu, 23 Apr 2009

Alistair Darling announced his annual Budget yesterday (April 22nd), which included measures for increasing credit union lending, and the Association of British Credit Unions Limited (Abcul) has welcomed the move.

The amount of money available to be borrowed through credit unions will be boosted by measures announced in the new Budget report, which will help those in financial difficulties who would otherwise turn to loansharks and high-cost doorstep lenders, according to Abcul.

Recent research by the organisation found that 70 per cent of credit unions had seen an increase in demand from low-income borrowers in the last year, with 32 per cent saying this rise was significant.

Mark Lyonette, chief executive of Abcul, said: "We're pleased to see the government recognises that, whilst it is important to make sure people who are having trouble paying mortgages are given assistance, there is also a need to ensure that money is available for unsecured lending for people on low incomes."

Price comparison site moneysupermarket.com recently found that loan rates had begun to drop after 12 months of rises.
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