You may have heard of logbook loans. They are a form of borrowing in which a lender offers money in return for you putting your car up as security on the debt. Here at Northern Community Bank, we don’t offer logbook loans, because we don’t need our account holders to put anything up as security. Rather than providing logbook loans, we provide an ethical lending service, and this begins with the fact that we are run as a not for profit organisation.
Unlike the lenders who provide logbook loans, we don’t set out to make money out of the people we lend to. We are run as a co-operative, so that every account holder has a share in everything we do, and any money we do generate is used to improve the lives of our members and the local community. We don’t have to pay share dividends or big bonuses to our directors, and so we’re able to keep our interest rates as low as possible.
As well as being low, our interest rates are extremely simple to understand. The process of taking out logbook loans, and of working out how much you’ll be paying back, can sometimes be complex – but with a loan from Northern Community Bank what you see is exactly what you get. The rate we advertise is the same rate we offer to all of our lenders, and you won’t be surprised by any extra charges or fees hidden in the small print. People who borrow from us, rather than taking out logbook loans, will have a repayment plan tailored to suit their circumstances, and we always go out of our way to make sure that our borrowers know exactly how much they’ll have to pay back every week or month, and how much interest they’ll be paying on the loan in total.
We understand that our account holders may need to borrow money for a variety of reasons. At this time of the year, for example, you might be planning your summer holiday and looking around for the best bargains. Whether you’re looking forward to a fortnight in the Mediterranean or a week at the British seaside, having the right amount of cash in your pocket can help you to locate the best deals and haggle for the cheapest prices. Logbook loans could help you to do this, but we can guarantee that a Northern Community Bank loan application will be handled on a one to one basis by a member of our dedicated team and that we’ll make the decision as quickly as possible.
Once you’ve given us the relevant information we’ll try to let you know if you’ve been successful within two working days, and if you have we’ll transfer the money straight to your account. You’ll be free to start stocking up on sun cream and buy a new bucket and spade, safe in the knowledge that the amount you’ll pay back will be kept as low as possible by Northern Community Bank.
