Don’t take the bait with loan sharks

HOUSING associations in Oldham are joining forces with not-for-profit organisation My Home Finance to tackle loan sharks and promote affordable lending.

North of England Housing Associations, including Guinness Northern Counties, which has properties in Oldham, will also join with Tameside Council to offer an affordable and ethically-run short-term credit product for their customers.

Research has shown that loan sharks and providers of high-cost short-term credit regularly target housing association estates when looking for business.

Tess Pendle, head of My Home Finance, said: “Often people who have got a poor credit history are unable to access affordable lending — whether this is via a high-street bank or credit union.

“Not only are we able to offer a loan but we also make sure each individual is able to afford the repayments.

“For each loan applicant, we thoroughly assess their financial situation to ensure they are optimising their income ahead of taking on more financial commitment.”

For information on My Home Finance visit www.myhomefinance.org.uk or call 0121-212 9568.