Borrowing Money Mrs Rush Mrs Wise

Mrs Rush

Dear Diary

I need to borrow £300 to pay for a new washing machine.

I’ve seen an advert for easy loans in the paper.

Mrs Wise

Dear Diary

I need to borrow £300 to pay for a new carpet.

I’ve seen an advert for Wrexham Credit Union.

Week  1

I’ve borrowed £300 from a door step lender*. They were very nice and I can repay it at £10.50 per week over 52 weeks.

I’ve borrowed £300 from Wrexham County Borough Credit Union. They were very nice and I want to repay it at £10.50 per week.

Week 10

I am not really missing the £10.50 per week I think I’ll repay it alright.

I am not really missing the £10.50 per week I think I’ll repay it alright.

Week 26

I’m just half way to paying it off.

I asked in the Credit Union and they tell me I’ve only got 6 weeks left until I have paid it off!

Week 32

Another 21 weeks to go! I’m still able to cope with the repayments but it’s dragging on too long. I wish it was paid off!

The loan was paid off last week. I’ve decided to keep paying £10.50 per week in the credit union to build up my savings.

Week 52

Debt free at last.

The £10.50 was just about manageable but now I think I need to borrow more money for a carpet.

I’ve now got £220 in my account!

I need a new washing machine. I may take out another loan with them.

They charged me 272.2% APR* – That cost me £246 in interest (£546 in total).

No wonder it took so long to repay.

They charged me 26.8% APR – That only cost me £22.46 in interest (£322.46 in total).

No wonder I paid it off so quickly.