LONDON (Reuters) — An innovative new style of loan insurance coverage may help Britain’s credit unions simply simply simply simply take on payday loan providers recharging sky-high prices and get a way to plugging a security space kept by the country’s worst-ever scandal that is mis-selling.
Cuna Mutual, the world’s biggest credit union insurer, is working together with British loan providers to offer a вЂdebt waiver’ facility for borrowers which ensures they don’t have to produce repayments on loans when they fall sick or lose their jobs.
The item advances the attractiveness of loans made available from credit unions and comes at the same time if they are being urged to grow at the cost of payday loan providers such as for instance Wonga, which charges a yearly rate of interest of 5,853 per cent. Читать далее →