Interest free Tide Over crisis loans have been launched by East Sussex Credit Union, for people struggling financially during the Coronavirus lockdown.
Loans of up to £300 are available from now into June. The funding is to help people struggling financially with a short term boost until government support kicks in or normal work starts again. For example anyone self employed, in the gig economy or on a low wage topped up by Universal Credit. It will help recipients maintain their housing, pay bills and feed their families. Recipients also benefit by becoming credit union members with messaging on good financial management, budgeting and an option to get a prepaid debit card. Loans will be processed next working day, and will not require a first payment for 3 months.
Each loan will have a nominal savings element to their repayments so that borrowers start to get into a savings habit. When they are able to save a larger amount they will be encouraged to start saving to help them deal with any financial shocks in the future.
Find out more from East Sussex Credit Union.