CREDIT UNION: Here to help you save

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Your readers may have heard Chris Wilson on Lionheart Radio talking about Northumberland Credit Union – or they may have seen something about credit unions on television recently, and may like to hear more.

Put simply, credit unions are organisations which encourage people to save and provide low cost loans for their members.

They provide an alternative to store cards, doorstep lenders and loan-sharks.

Regular savers with Northumberland Credit Union can be eligible for loans without an external credit check.

If you save regularly with us – say £5 a week or £20 a month – then we know you could afford to repay a loan at that rate without us having to ask a lot of intrusive questions about your financial affairs.

And we don’t charge that much interest – just 1.25 per cent on your outstanding balance each month (16.4 per cent APR) with no arrangement, early repayment charges or minimum loan.

That’s under £10 interest on £120 repaid over 12 months or only £2.25 interest if you pay back in two months.

Then as you repay loans and continue to save, you’d become eligible for bigger loans – up to £3,000.

We don’t do ‘instant loans’ though – so if you think you’ll need a loan for your holiday or you are moving into a new place in a few months’ time, then you really need to join up and start saving now.

You can also simply save with us, and withdraw your savings when you need them.

Your savings are safe because they are covered by the same (Financial Services Compensation Scheme) guarantee as bank deposits.

See our website www.ncul.co.uk for more details, or email us at info@ncul.co.uk – or pop into our Alnwick paying-in point in the YHA Hostel on Green Batt (opposite the Library) to have a chat with Chris and the other volunteers.

They are there every Monday from noon to 2pm.

Nic Best

Chair, Northumberland Credit Union