The Money Advice Service has found that four out of ten adults have less than £500 in savings. retailCURe wants this to change.
Our Save as You Borrow Scheme obliges borrowers to allocate 10% of their loan repayment to a savings account, so when the loan is repaid the member has built up a nest egg reducing their need to borrow in the future.
A £500 loan over 6 months costs just £35 from retailCURe. A typical payday lender will charge £384 for the same loan. For every 100 members taking out a similar loan we save them nearly £35,000 in excess interest charges.
The Credit Union is not just there for people struggling to make ends meet. Our loans start from just 7.4% APR.
retailCURe borrowers can improve their credit score by establishing regular repayment records with us. These are reported to a Credit Reference Agency, enabling members to access cheaper products and services in the long-run.
Uniquely, as a member owned - not for profit - business retailCURe is legally obliged to promote thrift and sound financial education amongst our membership. We are here for the duration; an ethical organisation with an emphasis on promoting long-term financial health by encouraging members to save with us.