If you need a short term loan, you're much better off getting one from a credit union than a payday lender.
Credit Unions are not for profit savings and lending institutions run by and for their members. By law they can't charge more than 42.6% APR for a loan (it used to be 26.8%, but they are now allowed to charge more). However many charge far less. What do you need to know if you're thinking of using a credit union?
Knowing your rights to credit card protection under section 75 - even if the card companies don't.
Banks and credit card companies are giving consumers the wrong information about their rights to credit card protection.
If you pay for something costing between £100 and £30,000 by credit card you get valuable protection under ‘section 75’ of the Consumer Credit Act. In broad terms it means you may be able to get your money back if there’s a problem with the goods or services you’ve ordered or the company fails. But a report by the Financial Ombudsman Service shows that credit card companies are giving people wrong information and fobbing off their complaints. So what’s true and what’s a myth?
Understanding your credit card rights under Section 75
You get great consumer protection if you pay for something using your credit card, but the rules aren’t completely cut and dried.
There's lots of confusion about how you're protected if you pay by credit card. I've written about the basics in your rights when paying by credit card. Many of us know that if you pay for something using your credit card, and it costs between £100 and £30,000, you can claim against the credit card company if there’s a problem or the goods don’t arrive. But while the principle is straightforward, the rules can be complicated.