South Wales West AM urges people to stay away from pay day loans and use credit unions instead
REGIONAL AM Suzy Davies is urging people to stay away from pay-day loan companies and instead use credit unions.
Mrs Davies, Welsh Conservative Regional AM for South Wales West, said a report into the activities of pay day loan companies revealed widespread failure of the firms to comply with the existing law as well as reminding borrowers of the high rates of interest.
She said: "Most areas now have a credit union where people can have access to loans at low rates of interest.
"Borrowers must become savers so if people can manage to save small sums each week, they are then eligible for help if they need it.
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"People should be very wary of falling into the clutches of these companies and try the credit union route if at all possible."