Renfrewshire Affordable Credit Alliance

Who/what is RACA?

RACA is made up of Renfrewshire’s five credit unions who have come together to promote fair, affordable and ethical finance. The Alliance includes our partners at Renfrewshire Council, Engage Renfrewshire, UWS, STAR Project, affordable finance companies (all not for profit), Fair For You, UWS and West College Scotland, the Money and Pensions Service, and Trading Standards Scotland. We promote  fair, honest and ethical lending and take a zero tolerance approach to illegal money lending in our communities.

Why is this needed?

• Everybody from time to time borrows money but those that need it the most  are often charged the most. We want to change that.
• The Money and Pensions Service state that 1 in 6 people use credit for everyday expenses like food and paying fuel bills.
• Around one fifth of the UK adult population has less than £100 in savings, so if an emergency happens where money is needed what can you do? We have solutions.
• Illegal money lending or loan sharks pray on people in vulnerable circumstances but can also operate in our communities, using online and doorstep lending.

Also

• Did you know if you are on benefits such as UC or Pension Credit, some broadband and mobile phone providers offer different terms for you to get the same service but lower bills? Take a look at RACA website to find out more.
• If you are an employer, and are interested in helping to support your staff to make small savings, credit unions such as Right Way, Johnstone and Scotwest can deduct direct from salary via their payroll savings schemes.

What can RACA do?

RACA can come to your service to speak to your staff, volunteers and service users/clients/members. We run free sessions either in person or online so that you are aware of options when it comes to borrowing money, or using credit. I hope this is of interest to you and your group and look forward to hearing from you – please say hello!