With the cost of living going through the roof, we can all struggle to pay the bills sometimes, especially when unplanned expenses come along. We would urge people not to turn loan sharks, high interest lenders or expensive bank overdrafts, but to talk to us instead if you need financial help.
The Credit Union offers low cost loans for all sorts of household needs, whether it’s some much needed home improvements such as a new kitchen, a modern and efficient boiler or solar panels for the roof, or just to cover those expensive bills when budgets are stretched.
You can apply for one of our low cost loans at any time. If you are not already a member of the Credit Union, once your loan is approved you will need to join with a minimum £20 or £50 deposit to your savings account. As well as very competitive rates of interest, there are no hidden charges with our loans and you only pay interest on the outstanding balance. You can pay off your loan at any time without penalty.
With our unique Saver Loan, for example, part of your regular repayments is allocated to your savings account, which means that as you repay your loan your savings grow. You can then access your savings once the loan is repaid. This Saver Loan principle means that you gradually reduce and ultimately eliminate your need to borrow – great for helping with big bills in future, home improvements or school expenses for the kids.
Credit Union Chief Executive Martin Groombridge said: “We know it’s a difficult time for people and household budgets are being stretched to the limit as energy bills go through the roof. Our low cost loans are available to members when times get tough and are significantly less expensive than those offered by high interest lenders.
“We would urge people not to be tempted by payday loans, doorstep lenders or even high cost bank overdrafts and credit card debt, but to talk to us to see how we can help. We also offer money management advice and can point you in the right direction for you to get your finances in order.”
Please contact us today if you would like to find out more about a Credit Union loan. You can apply for membership online and, once your application has been accepted, you can register for online access to apply for a loan.
