Smaller loans scheme is unveiled in Northampton
Northampton Credit Union and Northampton Borough Council have joined forces to offer people on low incomes small loans with no catches.
The Delta Loans Scheme is designed to help people who struggle to get affordable loans and who might resort going to loan sharks.
Loans are offered at 26.8% compared to other well-known lenders currently offering higher interest rates.
The loans could be for fixing essential appliances such as washing machines.
Loan applications for rent deposits or to pay off more expensive debts will also be considered under the scheme.
Sean Silver, president of Northampton Credit Union, said: "This new and exciting scheme offers a great opportunity for people on low income to get to grips with their finances by providing an affordable source of credit."