- Posted by: Mike Hedges MS
- Category: Latest News
The Welsh Government’s Communities & Tackling Poverty Minister Jeff Cuthbert has today joined with the Archbishop of Wales Barry Morgan to warn of the impact of payday lenders in Wales.
The Minister and the Archbishop share concerns that the growth of payday loans is causing damage to communities across Wales. The Welsh Labour Government has increased support to credit unions as they offer an affordable alternative to high cost payday loan companies. Ministers have a target of six per cent of the population using their services by 2020 and how to continue the growth of the credit union movement will be part of the talks.
Earlier this year, the Welsh Government announced a £1.9 million funding package to increase membership. The money will also help the institutions to develop the services and products they provide for customers so that credit unions become a more visible and widely available source of affordable financial services.