Who are you looking forward to seeing the most over the festive period?
Father Christmas? Of course.
Family? Maybe.
Lenders peddling doorstep cash loans? You definitely shouldn’t be.
Christmas brings financial pressure like no other time of the year and when people are put under pressure they tend to make poor decisions. These decisions can lead to serious problems in the future and it’s why at Northern Community Bank, we always ask you to take your time and look at all the facts before filling out a loan application.
What are doorstep cash loans?
You will have seen these types of loans advertised on television or in the high street; bright, flashy marketing promising smaller sums – generally under £1,000 – across shorter repayment periods. The bit about the potentially devastating high rates of interest? That tends not to be as prominently promoted.
Why do people still see doorstep cash loans as a solution?
More than one million people a year use doorstep lenders in the UK. They are still seen by many as the simplest solution to a short-term dilemma; such as covering the cost of Christmas.
Applicants are likely to receive an instant decision, they like the fact they are getting a personal service and most importantly for some, less-than perfect credit ratings tend not to be an issue.
Before rushing into a decision you may later regret though, it’s imperative you look at the alternatives to these doorstep cash loans.
Why Northern Community Bank should be your first port of call
Northern Community Bank is a not-for-profit organisation. This means our account holders always come first, and those advantages found through using high-street or doorstep lenders…well, more often than not they can be found with us. For example:
Small loans – With Northern Community Bank you can borrow up to £500 at rates of interest that will open your eyes, not leave them watering.
Instant decision – At Northern Community Bank we aim to turn applications around as quickly as possible and will always try and reach a decision in just one working day.
Personal service – We pride ourselves on our personal service here at Northern Community Bank. Loan decisions are made by highly trained members of staff, not computers. Not only that, you can ring us on 01282 691333 or nip into one of our branches in Burnley, Nelson or Colne and we will happily discuss any queries you have.
Credit checks – Our loans are not decided by the results of credit checks but we do perform them while assessing loan applications. We perform credit checks to help us understand whether an applicant can afford to repay a loan. Some people may think they can afford the repayments but only come to realise they can’t once it’s too late. It is our role as an ethical lender to ensure this doesn’t happen. We also report back to the credit reference agency with each payment, so a borrower’s credit score can improve with every repayment.
Doorstep cash loans may seem like an attractive proposition on the surface. However, we’ve been around long enough to know they are fraught with danger and can easily lead to people spiralling further into debt. Speak to us first.
