RADCLIFFE residents in deep financial trouble can take advantage of money advice and cheaper loans.

Two areas of the borough are piloting a new service for people in poorer communities who have been refused finance at a mainstream bank.

The council has teamed up with East Lancashire Moneyline to help those who are forced to borrow cash from loan sharks or even licensed money lenders who charge high rates of interest.

ELM determines whether a loan is appropriate on a case by case basis; people for whom a loan is unsuitable are referred to agencies who can provide debt advice and personal finance management training.

The company says that a typical "cash loan" of £250 would cost around £160 in interest charges. The same loan from ELM would cost less than £38 in interest and fees, repaid over 26 weeks at £10.73 per week.

ELM is not a "cash" company, and loan repayments are collected by weekly or monthly Direct Debits. For those without a bank account, the company has an arrangement with Barclays Bank in Silver Street, Bury, to open a special account for ELM customers.

Mr Colin Fishwick, Bury Council's head of economic development, said: "For those sections of the community who cannot access finance from banks and have no choice but to use cash money lending schemes, this pilot should be a welcome alternative."

The project will run for six months in Radcliffe and East Bury, and if successful may be extended to the rest of the borough. It operates from Radcliffe Civic Suite on Wednesdays, and Chesham Fold and Mosses Centre in Bury on Tuesdays .

For details, and to book an appointment, contact ELM on 01254 295970 on any weekday, between 8am and 4pm.