ABCUL Loan

This is a national scheme for residents to take out loans for a very small interest rate (1to2%). You first have to find which area group you qualify for - this is determined by either where you live or if you work for particular industries (police, emergency, small business, local council etc). It is a bit tricky to find out which group you 'fit into' but worth the research.

The idea is that these groups offer loans to people who put small sums of money away on a regular basis. Each group has different rules about how much you can borrow.

Unfortunately the ammount I needed to borrow was not available in the group I qualified for so have no direct experience. However I wanted to post this info as I've read many stories on here about people needing to borrow amounts of £500-£5000 ad being ripped off. These groups will not do that and seem a faantastic cheap way to borrow money. I hope this helps someone somewhere to avoid a loan shark.