Northumberland Credit Union will open its first paying-in point (PiP) in Alnwick next week.
Credit union members will be able to go along to St Paul’s Church, in Percy Street, every Monday, from September 29, between 1pm and 3pm to pay into their savings and, in due course, their loan repayments.
Nic Best, chairman of Northumberland Credit Union, said: “Members of the credit union – and anyone living or working in Northumberland can join – save regularly with the credit union. And by saving regularly, they can become eligible for low-cost loans.
“So it doesn’t matter what your credit rating is. If you can show us that you can save regularly say £5 a week or £50 a month, then you can get a loan requiring that level of repayment.
“If you join now and save regularly for eight weeks, you’ll be eligible for a small loan in time for Christmas. And if you repay that loan and carry on saving in the new year, you’ll probably qualify for a bit bigger loan in time for your holiday.”
Interest on credit union loans is just one per cent a month, or 12.7 per cent APR. But there’s no penalty for early repayment, so £200 repaid the following month would cost just £2 in interest.
Ed Sweeney, who is leading the volunteers running the new (PiP), said: “This is a really great opportunity for people in Alnwick and I’m really excited about it.
“Sure, we are starting up slowly, opening the PiP for just two hours a week, but I’m sure that as demand grows we’ll expand.
“But we will need more volunteers to do that, so if you are interested in helping out, do get in touch or come along to the PiP on a Monday afternoon.”
For more, visit www.ncul.co.uk or call 01670 503666