A TENANT has endorsed a housing firm's fair loan scheme after nearly falling prey to a high interest payday lender. Unemployed
But when he needed a new pair of shoes and faced increased household expenses, he found himself in desperate need of Pounds 100 to tide him over and was tempted by a payday loan.
Instead, he turned to Coast & Country's own fair loan scheme, run in conjunction with social enterprise My Home Finance.
So instead of taking a loan with an APR of up to 4,000%, he faced a more realistic 69.5%APR.
The My Home Finance scheme is for people who are financially excluded and would not be considered for a loan from a conventional source such as a bank or credit union.
Paul, 39, who volunteers for various projects to help improve his chances of employment, said: "My Home Finance provided me a financial lifeline.
"If it had not been available, I am sure I would have had to resort to a payday loan.
"The Coast & Country loan deal saved me from ending up on the payday loan treadmill having to take out one payday loan after another to meet the exorbitant interest rates."
Coast & Country is a high profile campaigner against extortionate lending.
"It is gratifying to see that the My Home Finance scheme is having a positive effect and is giving tenants, such as Paul, a more reasonable alternative to the payday lenders and doorstep 'loan sharks.'"."
For more information or to apply for a loan, Coast & Country tenants should contact
A TENANT has endorsed a housing firm's fair loan scheme after nearly falling prey to a high interest payday lender.