Credit union pilot scheme 'success'

Press Association
Coins on a 10 pound note
Coins on a 10 pound note

A pilot project by credit unions to offer "affordable payday loans" has been hailed a success, with borrowers feeling less under pressure to pay the money back quickly and more likely to keep up with repayments.

The project saw London Mutual Credit Union (LMCU) loaning out a total of £687,757 over the course of a year-long pilot to 1,219 different borrowers.