Plane Saver Credit Union Offers Military personnel payday loan payoff facility
28 Sep 18
Plane Saver Credit Union (PSCU) is offering military personnel with Wonga loans a ‘payday payoff’ loan facility, following the collapse of payday lender Wonga.
The facility has been provided to support serving military personnel who may be affected by Wonga’s withdrawal from the marketplace. PSCU’s offer is significantly better than Wonga’s as interest rates will range between 3.4% - 36.8% and could save individuals as much £500 in interest payments.
Plane Saver CEO, Valerie Walwyn, who is also an Army veteran, said: “When I heard about Wonga going into administration and the Archbishop of Canterbury’s concerns my attention immediately went to our military personnel who may have previously taken out Wonga loans.
“We want to help them avoid any potential interest rate increases and are inviting anyone with a Wonga loan to get in touch, so we can look to repay their loan and offer them our favourable interest rate loan offer.
"We will also assist with consolidating any other payday or high-interest rate loans. Over the years we have been developing products to assist military personnel and recently launched the Flexi Credit Facility to offer a cheaper and more flexible alternative to expensive payday loans, which runs alongside a savings account, in an aim to help combat excessive payday borrowing by our military members."