CARDIFF, Wales–The government of Wales said it is providing an additional £600,000 in funding for credit unions to support ethical and affordable lending during the cost of living crisis.
The Minister for Social Justice said it plans to provide the funding for credit unions to expand their lending and support more financially vulnerable people.
The £600,000 will boost a cost of living intervention introduced last year which is providing assistance to people with poor credit histories who are struggling financially, the government said.
“Credit unions have a proven track record of building financial resilience to those who may be more financially vulnerable,” the Welsh government stated. “Not-for-profit, they are owned by the people who use their services, rather than by external shareholders or investors. They are affordable and responsible lenders who contribute to the economy and the financial wellbeing of members.”
‘Work Incredibly Hard’
Added Minister for Social Justice Jane Hutt, “Welsh credit unions work incredibly hard in support of our journey to promote social justice and tackle poverty across Wales. Their services have been – and will continue to be – vital to people suffering financial difficulties during this unprecedented cost of living crisis. I’d like to thank them for their commitment to providing access to fair and affordable credit.”
Hutt added that those who are struggling are at greater risk from high interest “doorstep lenders” or loan sharks and should instead turn to their local credit union, which can provide access to fair and affordable credit.
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