Christmas can be an expensive time. That's why many of us think about borrowing money to help cover the cost. Borrowing to afford one-off items is a fact of life for many people. But it's important to make sure you can pay back whatever you borrow without placing a burden on household finances.
People often borrow money from their bank, credit card company or maybe a personal credit business such as Provident Finance. It's a good idea to shop around and compare deals offered by different credit providers – interest rates and charges can vary widely. To help you to do this, Money Made Clear has produced a free guide called 'Just the facts about borrowing money'.
Read 'Just the facts about borrowing money' (pdf, 461KB).
Credit unions
Many people don't realise they can borrow money from credit unions.
These are financial co-operatives run for the benefit of their members. You can become a member by opening an account with them. They offer affordable financial products including loans and current accounts to the local community.
Credit unions are regulated by the Financial Services Authority and are part of The Financial Ombudsman Scheme. Members of credit unions are protected by the Financial Services Compensation Scheme. Money Made Clear produces a free guide about credit unions.
Download the Money Made Clear guide to credit unions (pdf, 821KB).
You’ll find details of some of the biggest credit unions in London below.
Money getting tight?
If you're worried about money, there's no need to suffer in silence – the first step is talking to someone. You don't need to pay for specialist debt advice. You can get free, high-quality advice from specialist charities with the correct licenses and insurance – by phone, online and face-to-face.
Money Made Clear offers free, confidential advice on topics like budgeting debt, mortgages and savings. You'll find more information on their website – or you can call them on 0300 500 5000. They also offer face-to-face appointments.
Visit the Money Made Clear website.
Consumer Credit Counselling Service offers free, confidential help and advice. You can call them on 0800 138 1111 or visit their website.
Visit the Consumer Credit Counselling Service website.
Peabody's specialist welfare benefits advisers provide free, confidential advice to guide you through the benefits maze. You can contact them on 020 7021 4888.
If you'd like more information about coping with financial difficulties, you can email us or call Peabody Direct on 020 7021 4444 and ask to speak to the financial inclusion coordinator.
Which is my local credit union?
Credit unions normally accept applicants who live or work in their local area. If you live in an area that doesn't have a credit union, get in touch with us and we’ll try to help.
Barking and Dagenham and Havering
Liberty Credit Union – visit the website
Barnet or Brent
North West London Credit Union – visit the website
Camden
Camden Plus Credit Union – visit the website
Ealing
Ealing Credit Union (call 020 8756 3864)
Greenwich
Greenwich Credit Union – visit the website
Hammersmith and Fulham
Hammersmith and Fulham Credit Union – visit the website
Haringey and Islington
Islington and City Credit Union – visit the website
Hillingdon
Hillingdon Credit Union – visit the website
Lambeth
London Mutual – visit the website
Lewisham
Lewisham Plus Credit Union – visit the website
Newham
NewCred – visit the website
Southwark
London Mutual – visit the website
Tower Hamlets
Tower Hamlets Community Credit Union – visit the website
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