SOMERSET Savings and Loans has launched a campaign to help people who need financial support as the festive season looms.

General manager Jackie Simpson said: “Christmas is far and away the most expensive time of year and thousands of people will be wondering how they are going to cope.

“While we welcome tighter regulation of the payday loan industry we recognise that a significant sector of the population had come to rely on them in order to access what appeared to be easy money.

“That’s where the local community credit union can come in.

"We are here to help those people organise their finances so they can save and plan properly throughout the year.

If they need to borrow they can then do so at sensible rates of interest.

They can then enjoy Christmas without the worry of committing themselves to a payday loan which could take the next year to pay off.”

She said tighter financial regulation and continual negative publicity had combined to reduce the pull of the payday loan industry, ensuring future borrowers were better able to pay them back.

But she acknowledged more needed to be done to help struggling families.

“As a properly regulated credit union we are – and always have been – legally required to ensure the people to whom we are lending are able to meet the repayments schedule before we agree a loan.”

People can join online at somersetsavings andloans.org.uk and learn more about the loans, savings accounts and other credit union services.