Credit Unions as an alternative to unethical sources of finance

Credit unions around the world are doing their bit to help with the cost of living crisis by providing low-cost loans.

A March 2022 report by the Centre for Social Justice, an independent UK think-tank, identified credit unions as a key player in the affordable finance ecosystem which could help vulnerable people. It found that 62% of those who became victims of loan sharks had an income of below £20,000 a year, with about half of this number on less than £15,000. It also revealed that 66% also had debts owing to legal creditors and 75% were on benefits.

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