ABCUL welcomes price comparison website

Plans for a website which will allow consumers to compare the costs of home credit providers and compare them with credit union loans available in their area has been welcomed by the Association of British Credit Unions.

The website is one of the recommendations contained in the final report of the Competition Commission’s Home Credit Market Investigation which was published today. Consumers will be able to check the costs of home credit available in their area on the independently operated website which will also provide information regarding customers’ rights.

ABCUL CEO Mark Lyonette said: “The new website will enable people to see just how much they could save if they used a credit union instead of a doorstep lender. They may discover that they could save £140 or even more on a £300 loan and, like many people have already done, start putting the money they save on high interest payments into a safe savings account with the credit union instead.

“An informal approach to our members has already resulted in 40 enthusiastic responses from credit unions, all of which can provide instant loans to new members. I am sure that many more will be very happy to have their prices compared with doorstep lenders as it can only show them in a very positive light.

“While I understand that a website is the most efficient way to keep information available and updated, some people who would benefit greatly from this information will not have easy access to the internet. I hope that agencies working with local people will find ways to make this information more easily available.”