Glasgow Scotcash loans and financial assistance

There are three main parts of the Glasgow Scotcash programme. The most widely used one is the affordable loans, and funds are provided to families for everything from paying their fuel bills to rent, car repairs, debt reduction and more. The non-profit Scotcash organisation also helps with credit services, including they assist people to open bank accounts, pay down debts, and more.

The not-for-profit was created in the mid 2000s. The Glasgow city council determined there was a need for a loan scheme that had low interest rates. The funds can not only help pay for living expenses, but it allows borrowers to rebuild their credit scores by building up a history of borrowing money and repaying it. The average loan amount is almost £500.

Glasgow loan scheme

The Glasgow Housing Association (GHA) as well as the city council partnered together to create this programme. The applications can be submitted through Scotcash or your local bank. The amount that someone can borrow is based on their income and financial circumstances. The applicant’s credit history is not the only factor.

The Glasgow Scotcash loans can be approved for paying different bills. Common use of the money is for buying Christmas gifts, clothing, home repairs, trips, holidays, or funeral costs. Many families on a low income use the money for everyday bills. The scheme can help pay for tenancy deposits, electric bills, rent, or even transportation such as car repairs. So Scotcash is a flexible financial assistance programme. One big use of the scheme is to use the loans for rental arrears.

The amount of money provided can range from £50 to £500. The interest rate will be much less than a payday lender or credit card, with APR as low as 10%. The repayment scheme is weekly, monthly, or it can be flexible for each person.

Credit services from Scotcash

Of course loans can be issued. But many of the people that borrow the money need additional support. Maybe they are out of the mainstream banking process or they are in excessive debt on their credit cards. Other borrowers from the city of Glasgow just do not have the financial knowledge they need for long term success. The not-for-profit Scotcash can help with these needs too.

A counsellor for the organisation can help clients open a Basic Bank Account. The Glasgow council as well as GHA have partnered with lenders across the UK on this service. Each bank needs to be approved, and they need to ensure the services offered to consumers are affordable.

The bank accounts can be opened with Barclays, Royal Bank of Scotland, as well as Virgin Money. Anyone can open these. Even if the applicant has a poor credit history, was bankrupt, or has excessive debt or evictions on their record, all of these will not prevent a new account from opening. This is one of the benefits of Scotcash.

Scotcash Free Money Advice Services are available as well. The person needs to stop by the local branch, or drop in at a partner such as Glasgow Central CAB. This is a comprehensive service that not only gives the customer advice, but it helps them get financial help too.

The independent money advisers will review all circumstances of the client. They review existing debts on credit cards, car loans, and payday companies. A plan will be put into place to pay down any arrears. With short term borrowing increasing in the city, the demand for alternatives to payday loans and other high cost borrowing is increasing.

The Money Advice Services also give support on dealing with arrears on household bills. A budget will be created that factors in income and expenses. Then, if welfare benefits are an option, an application will be done. The last step is referrals to either Scotcash loan schemes for paying down these bills, (whether they are rent, medical, or something else) or another plan is used.

The main telephone number for Glasgow Scotcash schemes is 0141 276 052. Anyone seeking a loan, applying for Money advice, or looking for other support can ring the number. Note that applicants need to to be within a 25-mile radius of the center of Glasgow.