The Credit Union is a not for profit savings & loans co-operative that offers a secure savings and low cost loans service with 24 hour online access plus text balance checking. The cheap loans service provides an alternative to people who otherwise rely on credit cards, overdrafts, or even payday loans or other overly expensive ways of borrowing.
A member of the Credit Union said, “I’d encourage others to think about opening a savings account for Christmas to avoid running up an overdraft or credit card bill. If you do need to borrow a little to clear the bills from this Christmas then I’d recommend the Credit Union ‘Saver Loans’ as a cheap way of borrowing.”
You can save anything from as little as £1 a week, with payments made by standing order, PayPoint card, or deducted from salary. A range of savings accounts are offered such as, Christmas accounts, Holiday accounts, Young Savers accounts. You can withdraw your savings at anytime but know that your savings are being used to help others escape from the cycle of debt and poverty.
Credit Union loans start from as low as 5.9% apr and with a typical loan interest rate of 12.7% apr and is charged on the reducing balance, for example on a £1,000 loan repaid over 12 months you would only pay £67 total interest.
Please visit The Credit Union to find out more. You can also email firstname.lastname@example.org or phone 0207 561 1786 (24 hours services).
The Credit Union operates in Camden and Barnet.
If you live in Brent, My Community Bank can be reached on 020 7389 0911. For tenants living in Hillingdon, please contact Hillingdon Credit Union Limited on 01895 250958.