EAST Lindsey District Council is encouraging people considering a pay day loan to look at the full implications before signing any agreements.
It says across the UK around two million people take out pay day loans each year and whilst they can offer a welcome relief, failure to pay them back on time often comes at the heavy price.
Some firms charge a flat fee, plus daily interest of between one and two per cent, meaning the costs can mount up over just a few weeks.
The council says Lincolnshire Credit Union Ltd is authorised and regulated by The Financial Services Authority (FSA) and is a financial cooperative owned and controlled by its members.
Loans are available from Lincolnshire Credit Union from just one per cent per month (12.68 per cent apr). All loans are subject to status and approval and are only available to members of the credit union who are over the age of 18.
Find out more by calling 01522 528886 or go to lincscreditunion.org.uk