Blackpool council loans

The credit union and council in Blackpool partner together to provide low cost loans to families and individuals that live in the area. The aim it to provide families with the money they need to pay for emergency expenses, including fuel or energy bills, housing, rent, mortgages and more. Or the funds can be used to pay off high cost credit card or auto loan debts. The credit union scheme is called CLEVR Money.

Too many people still turn to high cost lenders for emergency money. They may borrow from loan sharks or sign up for money from doorstep lenders among other options. Using those companies often puts the borrow into a cycle of debt and maybe even bankruptcy. The council as well as the not-for-profit credit union and CLEVR Money scheme are aimed at providing borrowers more affordable options, and the APR is often less than banks too. The funds are available in Fylde, Wyre Blackpool and Preston.

Loans as part of CLEVR Money credit union

The applicant is still borrowing money, so it needs to be paid back. This is not the same type of assistance as the Blackpool welfare scheme, which is grant and voucher based. While the loan will need to be paid back, the APR rate can be under 10%; based on the applicant’s credit.

The money can be used for any living expense the family has. This includes automobile payments, a mortgage, car repairs, or even utility bills. The funds can even be used to pay off high priced credit card or payday loan bills so the borrower will now have a lower interest rate, so it is a form of consolidation. A number of other bills can be paid too. The credit union is not providing the cash for holidays or non-critical expenses.

While it is not recommended to use a loan to pay for bills, since the APR rate from the CLEVR Money scheme is so low it can be a possibility. The council will recommend it over payday lenders or even some banks. This is really the only time it should be used; if the options are a high priced lender or a low cost APR rate loan from the credit union.
People need to apply for a loan. The CLEVR Money scheme will provide anywhere from £200 to £15,000 depending on the borrower’s credit rating as well as need. Applications, or linkage to the scheme, is available from local employers in the Blackpool area, the council, health providers, and other organisations. The CLEVR Money credit union is well advertised in the region and many groups can link a person to the scheme.

Blackpool Council financial assistance schemes

Loans are only one way to get help. There is a discretionary support scheme as well, which is the government welfare programme. It combines homeless prevention with other forms of financial help. There may be funds to pay for housing costs for the vulnerable or help to resettle people into the area. The welfare scheme also gives free food parcels, clothing, and similar supplies. Welfare is only for a crisis only when all other assistance is not available.

This form of assistance is also only for families on a low income. Or it can help people on benefits or poverty. It is discretionary as not everyone is entitled to aid, and the discretionary support scheme in Blackpool often runs out of funds. However this form of support can be combined with the CLEVR Money loan scheme in an effort to help families in crisis.

CLEVR Money has a post of 13 Birley Street, Blackpool, Lancashire, FY1 1EG. To apply or more information, the email is hello@clevr.money.