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Social fund loans to remain 'interest free'
Poor families will not be forced to pay interest on previously interest-free social fund loans, the government has stated.A recent consultation had included proposals that could have introduced interest charges of up to 27 per cent annually on loans to financially vulnerable Britons.
Around 1.2 million fee free loans are thought to have been issued through the social fund, usually to pay for essential items such as beds.
The social fund is provided to people that are struggling financially but need access to credit to pay for essential items. It is thought total loans paid out stand at around £500 million per year.
However, work and pensions minister Kitty Ussher, told the BBC that the government had only intended to extend the availability of these loans.
She said: "We are absolutely not proposing to charge interest on social fund loans.
"We do propose expanding the way that crisis loans work, to make them more available to more people."
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2008-12-22 10:52:09 © Moneyextra.com
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