Can payday loan alternatives be affordable and viable? An evaluation of London Mutual Credit Union’s pilot scheme

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Author

Gareth Evans and Mick McAteer

Area of interest

Financial Inclusion

Can payday loan alternatives be affordable and viable? An evaluation of London Mutual Credit Union’s pilot scheme

London Mutual Credit Union (LMCU) had become increasingly alarmed by the escalating and often detrimental use of costly payday loans by already overindebted households. Moreover, it was witnessing first hand a growing number of its own membership using this form of shortterm credit despite already having access to affordable credit lines.