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Money Box: Interest Free Loan Scheme to help 20,000 people

18/06/2022

Interest Free Loan Scheme to help 20,000 people

BBC Radio 4 - Money Box, Interest Free Loan Scheme to help 20,000 people

UK wide expansion of a no interest loans scheme run by credit unions.

A new scheme which offers interest free loans to financially vulnerable people is set to be rolled out as part of a nationwide trial.

A scheme offering interest-free loans to the financially vulnerable is being expanded to reach up to 20,000 people. After a successful trial at South Manchester Credit Union the No Interest Loan Scheme (NILS) will be rolled out across the UK from September. It's backed by the Treasury but will be run by credit unions and other lenders. The aim is to offer emergency loans to people who would normally be turned down because they can't afford the interest payments. We'll speak to Economic Secretary to the Treasury John Glen.

As a new survey, commissioned by the BBC, suggests half of people working are planning to increase their hours to boost their income and almost one in three people are thinking about taking a second job, we'll hear from the Low Incomes Tax Reform Group about the implications for tax and benefits.

More on how thousands of people may be able to boost their state pension by paying extra National Insurance Contributions. Paying just one missing year can mean an extra £275 a year for your pension.

Plus, less than half the firms that sell funeral plans look set to be approved by the regulator when tough new rules begin in six weeks. More on how you can check yours.

Presenter: Paul Lewis
Reporters: Dan Whitworth and Katie Barnfield
Researcher: Sandra Hardial
Editor: Jess Quayle

(First broadcast 12pm Saturday 18th June, 2022)

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