Glasgow City Council has announced its backing for a low-cost loan that significantly removes the risk of financially-vulnerable citizens entering into a cycle of debt.
The Wee Glasgow Loan is a fairer and crucially cheaper alternative to short term, high-cost, products from payday loan companies and rent-to-own shops that can cause a misery for hard-pressed residents.
The new loan product, operated by Pollok and BCD Credit Unions and supported by Glasgow City Council has an extremely low interest rate (2% per month on a decreasing balance.)