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New lending project to get affordable credit to everyone

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A new project has been launched with the intention of helping people on low incomes to find affordable credit.

Citizens Advice (CAB) has linked up with the Association of British Credit Unions Limited (ABCUL) to launch the Financial Inclusion Partnership Project.

It is hoped that the establishment of the project will lead to a greater working relationship between the CAB and credit unions and help to establish benefits for the clients and the agencies involved.

"This is an exciting new project which will help people who are financially excluded," commented Teresa Perhard from the CAB.

"People on low incomes often struggle to find affordable credit and feel forced into taking out loans with sky-high interest rates, sometimes through unscrupulous loan sharks.

"Credit unions give them an affordable, safe and dependable alternative. We look forward to developing local partnerships through the scheme," she added.

The project is being supported by Barclays Bank and the Abbey Charitable Trust, with the latter providing small grants to individual participating bureauxs.

If you are in financial difficulties it may be worth contacting the CAB for advice. You should not seek to borrow money from a loan shark who will charge you crippling rates of interest. SOURCE: Nations Finance

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