Gateway Credit Loans
These are a community based social enterprises that operate throughout Torfaen and Monmouthshire. They specialise in small loans, for as little as £50 to £7500.
For further information visit the Gateway Credit Loans website.
Many credit card companies are now promoting 0% deals. Used wisely, these can be a cheap form of short term borrowing. But once the interest free period ends you will start being charged interest. If you're only making the minimum payment on your credit card each month it could take years to clear your balance. Find out more about Credit Cards on the Money Advice Service website.
These are often offered at the till point in shops, sometimes promising a discount off the cost of the goods. They can be a good way to save money, but bear in mind they tend to charger higher interest rates than most forms of borrowing. So make sure you can pay off the money as soon as you get your bill. Find out more about Store Cards on the Money Advice Service website.
Payday, or paycheque, loans are short term cash advances on the salary you're expecting. They seem like a good way of getting your hands on your wages quicker than you otherwise would, but beware- the interest rates charged are often extreme. APR Rates of 1,000% and above are not uncommon. Compare this to the APRs of many credit cards, the rates of which are 15-20%, and you get an idea of just how expensive this form of borrowing is. Find out more about Payday loans and alternative forms of borrowing on the Money Advice Service website.