Credit union sets up a new home for trustworthy loans

ALNWICK residents looking for trustworthy and low-interest loans will soon have a better service as Northumberland Credit Union (NCUL) sets up a paying-in point in the town.

NCUL already offers a service in the town but in the next month, current and future savers and borrowers will be able to visit a paying-in point hosted at the Gallery Youth Project, to the rear of 39 Bondgate Within, on Wednesday mornings.

Therefore the union is looking for more volunteers to man the point, which would be run for two hours a week by two people.

NCUL development officer Barry Howells said: “We would like anyone who feels they want to do something in their spare time to help the local community and do something worthwhile.”

And Barry wants to make people in Alnwick aware that the service is available.

NCUL is a co-operative organisation owned and run by its members, for the benefit of members.

Credit unions have a common bond which determines who can join, which in the case of NCUL is those who live and/or work in Northumberland. If someone started saving with NCUL, from as low as £2 a week, after eight weeks they would be considered for a first loan of up to £100 plus savings, with future loans available at higher amounts.

The loan rate is only one per cent a month, on the reducing balance, it can be paid back over a year or two years and there are no credit checks, allowing local people to save and borrow money without resorting to loan sharks.

Barry said that while they have members from all sorts of different backgrounds, they are often people who can’t get credit.

“They are the very ones who are most vulnerable and they are very often taken advantage of by loan sharks and doorstep sellers, both licensed and unlicensed,” he added.

If anyone is interested in volunteering or wants to find out more, contact Barry on 01670 503666 or email barry@ncul.co.uk