All you need to know about loans on benefits

April 26, 2021 2:58 pm Leave a Comment

We all need a little help from time to time. Whether it’s an issue at work, relationship woes, or concerns over money; it’s always nice knowing there’s someone around to talk to. Finances can be one of those sensitive issues we don’t like talking about though. And yet there is absolutely nothing wrong with asking for a little help when it comes to money.

Applying for a loan from a reputable lender is one of the simplest ways of easing financial pressure. However, that’s not always an option for people on benefits. If you are claiming benefits then you may find it a bit of a nightmare finding a lender willing to approve your loan application. Quite simply, that’s not right.

Loans for people on benefits – what are your options?

Loans for people on benefits are hugely important. When money is already tight, these extra funds can be a life-saver in terms of cars, school uniforms, summer staycations and much more. Northern Community Bank prides itself on being there for its community…the whole community.

One of our main aims as a credit union is to help those who may ordinarily struggle accessing mainstream lenders such as banks. People helping people is what makes a community thrive after all. That’s why we provide loans for people in receipt of benefits; whether they are working, those unable to work, people who have retired, basically anybody who is entitled to claim. Unlike some lenders, we assess loan applications on a case-by-case basis and do not exclude certain members of the community.

In fact, through our Family Loan and Saving Scheme we even allow repayments to be paid via benefits. And it doesn’t stop there. This scheme also requires account holders to build up a savings pot, enabling them to become their own lender in the future. The reason we’re able to offer ‘loans on benefits‘ is because our loan decisions are based on affordability, not job status. Our decisions are made by real people who look at more than just a credit score. We take a number of factors into consideration, tailoring affordable repayments to fit a person’s financial circumstances…vital for those who need loans on benefits.

Why Northern Community Bank is a lender you can trust

Not-for-profit organisations like Northern Community Bank are considered trusted alternatives to other lenders because we pass on financial savings to our members. Our loan interest rates are also highly competitive, which when dealing with loans on benefits can make a significant difference. Time can be of the essence when money is involved. And we understand how delays in benefit payments can be all too common, so we work on providing an answer to all loan applications within 24 working hours. It doesn’t matter if you have been rejected for a loan elsewhere, Northern Community Bank’s door is always open.

Come to one of our branches in Colne or Burnley and we’ll happily give you all the information you need to make an informed decision about choosing to borrow affordably from your local community bank.

Afford a summer of saying ‘yes’. Compare loans from Northern Community Bank

April 8, 2021 12:09 pm Leave a Comment

Hands up if you’ve suddenly been gripped by FOMO fever.

As lockdown restrictions ease and the nation begins to slowly re-open, ‘fear of missing out’ has never felt so real. Garden parties. Outdoor pub drinks. A meal that’s not a takeaway. After months of getting dolled up for Asda, we’re now being inundated with reasons to dress up and go out. Even the sun’s out.

Good times are coming, and yet with all these events on the horizon – don’t you dare tell us going to the hairdressers isn’t an event – it can all still feel a little overwhelming. Fitting everything in for a start. How are we supposed to say ‘no’ to anything after spending what feels like half our life glued to the sofa. And then there’s cost. With a family trip to Newquay now costing around the same as a weekend to New York, this summer has the potential to be a real bank-breaker. But that’s where we come in.

Always compare loans before you make a decision

We tend to borrow money because we want to buy something big – a new kitchen or, a car or an engagement ring. Sometimes though, it’s about paying for an experience. Like a summer going out with friends and family. You can’t put a price on those memories. And loans offer us that bit of breathing space. However, there’s one big mistake a lot of people make when borrowing…they never compare loans.

At Northern Community Bank, we encourage people to compare loans from lenders. Why? Because 1, We want you to find the best deal for you. And 2, We’re confident that will be with us. Comparing Northern Community Bank loans with other sources of finance, such as credit cards, buy now pay later schemes and payday loans could save you hundreds of pounds. That’s a lot of barbecues.

A good tip for when you are actually looking to compare loans is to make sure you focus on the representative APR, not the interest rate. APR is the warts and all figure. It will take into account any fees, charges or extra costs associated with the loan, and can vary significantly compared to interest rates. The word ‘representative’ means 51% of successful applicants will be given the advertised rate. So if a loan is being advertised as 5% representative APR, a total of 51% accepted applicants have to get a rate of 5%. The other 49% could end up with anything, usually higher. While other lenders often advertise representative APR, the rate we quote you is the rate you pay, every time.

Why Northern Community Bank could be the right choice for you

The fact we’re a not-for-profit financial cooperative means we’re able to offer interest rates that are highly competitive. Additionally, Northern Community Bank’s quotations are free, with no set-up fees. This allows you to compare loans with other lenders, giving you plenty of time to work out what’s best for you and your finances. If you decide to apply for a Northern Community Bank loan, then we’ll make sure you have an answer within 24 working hours.

We wouldn’t want you missing out on anything now, would we?

The best loan rates are easier to find when you know where to look

March 22, 2021 9:58 am Leave a Comment

It’s time to start opening up those 2021 diaries…tentatively.

With Boris’ roadmap potentially offering up a summer of pubs, music festivals, staycations…and, whisper it quietly, holidays abroad; we finally have a few reasons to be optimistic. Of course, all this celebrating isn’t going to come cheap – who knows how many rearranged birthdays, christenings and weddings we’ll be having to go to?

If you’re frantically hammering away at a calculator, wondering ‘How am I going to afford all this?’, then borrowing money to help tide you over may be an option worth exploring. And tracking down the best loan rates is where you need to start.

Finding the best loan rates – what you need to know

When you are looking to take out a loan, finding the one that best fits your circumstances is vitally important. With so much financial jargon flying about, and some lenders less than forward when it comes to explaining rates, it can be an extremely confusing time for borrowers. The last thing you want is to end up paying back a lot more than you should be.

How many times have you sat there wondering what the difference is between the terms ‘interest rate’, ‘APR’ and ‘representative APR’. It may not be hugely exciting, but understanding the difference is crucial in determining the best loan rates for you. While the interest rate on loans determines the cost of borrowing money, it often doesn’t show the full picture.

APR, or annual percentage rate, is the most effective figure when comparing loans. It’s the official rate used to help you understand the cost of borrowing as it takes into account the interest rate and any additional fees. These fees can vary widely depending on the lender, but the APR – and lenders have to tell you the exact figure before you sign a credit agreement – is the rate you will pay.

Be careful when you see ‘representative’ or ‘typical’ APR advertised. Lenders are allowed to advertise this APR when at least 51% of their customers get that rate or lower. However, this means that almost half the people who are approved for the loan or credit may not be eligible for the advertised rate…so will end up with a higher interest rate, and higher repayments. These are generally the people with lower credit scores.

No hidden fees with Northern Community Bank

Northern Community Bank loans come without any hidden fees or extra charges. We don’t even charge set-up fees. What you see is what you pay. We don’t offer different interest rates on loans purely based on your credit history, and you will never be charged more or less for borrowing money because of a credit score. Northern Community Bank’s interest is charged on your decreasing loan balance, so as it reduces, the amount of interest you pay reduces. This means the quicker you choose to repay your loan the less interest you pay.

We can’t guarantee the best loan deals, but we can guarantee you friendly advice and a free quote. Give one of our staff a ring today, ask for a free loan quotation, and compare it to other lenders. You can never do too much research when it comes to loans…or holidays.

Northern Community Bank CEO delivers presentation at ABCUL conference 2021

March 18, 2021 12:27 pm Leave a Comment

Northern Community Bank’s CEO Kathryn Fogg was recently invited to participate in the ABCUL conference.

This year the annual ABCUL conference was held online for the first time due to the pandemic. Similar to Northern Community Bank’s 39^th AGM which was held virtually for the first time, it was a big change that was well received by over 600 attendees. The ABCUL staff organised a packed schedule of high quality sessions and masterclasses aimed at credit union staff, volunteers, management and board members.

Stage set for Chief Executive Officers

Kathryn participated in a session on the ‘main stage’ with the CEOs Matt Bland from the Co-operative Credit Union and Robert Kelly from ABCUL – the credit union trade association, discussing the different ways that credit unions provide affordable loan products to account holders. By attending and participating in sessions with other credit unions Northern Community Bank are introduced to best practice methods that maximise the benefits for our account holders.

As a community bank it is hugely important for our Staff and Board members to attend the wide range of sessions at conferences to improve the way we provide saving and loan services to the people in our community. It is pleasing that the Northern Community Bank staff team are invited to share our knowledge with sister community banks from across the UK to benefit the whole movement.

Well done Kathryn – you did Northern Community Bank proud!

Northern Community Bank cheap loans help people who need them most

March 17, 2021 2:52 pm Leave a Comment

It won’t come as a surprise to know that numbers mean a great deal to us here at Northern Community Bank. We’ve been serving the local community now for 39 years. In that time we’ve handed out £87 million in loans. We have more than 10,000 members, and their collective savings total £10.3 million.

The numbers may have gotten bigger but one of our main aims remains the same – providing cheap loans for people who need it most.

Cheap car loans will help steer you in the right direction

Loans come in all shapes and sizes. As do the reasons we need them. It may be that you’ve entered a spot of financial difficulty, or maybe it’s time to upgrade your motor ahead of a summer of staycations holidays. Northern Community Bank’s cheap car loans can be used to pay off a new or used car outright, settle existing finance or help cover a dreaded trip to the garage. Or if Cornwall’s going to become your new Corfu, you may even use the money to pick yourself up a caravan or a new motorhome.

Whatever the reason, when you’re searching for loans you want them affordable, and you want them hassle-free. And that is exactly what this Northern Community Bank account holder found when they contacted us looking for cheap loans. ‘It’s affordable and very helpful as you can’t always afford to pay for things you need out right this way you can pay in instalments, and you can even save alongside too!”

Our ‘Save as You Borrow‘ scheme is the type of service that sets us apart from other lenders. While cheap loans will give you the boost you need right now, we want to ensure you’ve got one eye on the future, too. All our account holders are required to build savings while repaying loans. These act as collateral against the loan, slowly building until you have your very own money pot – ready for that next unexpected expense.

Why thousands of families trust Northern Community Bank for cheap loans

When borrowing money, trust is crucial. Yes, interest rates (low ones) are hugely important, but you also want to be dealing with a lender that has your best interests at heart. Banks are in business primarily to generate profits for their investors/shareholders.

We have no external shareholders. We are a not-for-profit financial cooperative, so the only person we need to worry about pleasing is you. Our quotations are free, with no obligation. You’re more than welcome to go away, take your time, and speak to other lenders.

We’re confident our rates will always prove competitive, but cheap loans are only part of the Northern Community Bank package. Speak to our friendly, dedicated staff today, and we’ll show you why you’re more than just a number to us.

Planning your staycation escape?

March 12, 2021 1:57 pm Leave a Comment

A UK staycation doesn’t have to mean compromise

Walking down the aisle, taking a seat and listening to the sound the fasten seatbelt sign makes has never been more appealing. Although, it’s safe to say if you’re wanting to jump on a plane you may need to jump through a few hoops first.

The talks of vaccination passports, tests, restrictions, quarantine and masks are enough to put a lot of people off traveling abroad this year. Especially those who witnesses last year’s holiday plans crash and burn. A UK staycation is another option.

A lot of brits have been guilty of choosing to jet off abroad before exploring the great British isle at any opportunity. Why not take advantage of visiting a corner of the country you’ve never seen before, explore something new and have peace of mind knowing you’re only down the road from home. For all those who love their pets more than their partners, not need to worry, you can bring them too!

But a UK break is more than just convenient. Our cluster of islands are home to 12,500 miles of rugged coastline, 15 national parks with boastful beauty and flourishing wildlife with endless opportunities to indulge in local produce. From the Cotswolds to Edinburgh to Cornwall to the Lake District, these beautiful places deserve to be discovered. Although booking these get-a-ways early to get the best deal is advised.

Whatever staycation you have in mind from camping in the great outdoors to staying at a fancy hotel in the city, Northern Community Bank is on hand to help spread the costs over a manageable period. Not only do we offer affordable loans to make your well-deserved post lockdown escape a reality, we also encourage a save as you borrow scheme meaning when you the time comes to getaway again you will have a pot put aside ready to go.

Apply online today for a Northern Community Bank Staycation loan and have a decision more often by the very next working day, given you have supplied all the information we need. Better days are coming…. let’s make the most of them.

Community bank donates £8,500 to local charities at 2021 AGM

10:58 am Leave a Comment

Northern Community Bank commits support to local charities and businesses whilst celebrating growth in a challenging year

On Friday, 5^th March 2021 the 39^th Annual General Meeting (AGM) took place for the first time virtually. Account holders logged on to hear news of a brilliant financial year for Northern Community Bank and its developments in providing ethical savings and affordable loans for the local community.

Ten donations totalling £8,500 were made to an array of local charities including: Pendleside Hospice, Colne Open Door Centre, Nelson Churches in Covenant, Burnley Community Kitchen, Georgia Fourie Butterfly Fund, Age UK Burnley and Pendle, Colne Citadel, Depher CIC and Pendle Forest Hawks Junior Football Club. President Gerard Spain explained to account holders why the board proposed £8,500 of charitable donations to support both crucial charities and young people playing sport in the area

In line with Northern Community Bank’s commitment to the local community, the Northern Community Bank Board are proposing an increase in the charitable donations from £1,000 to £8,500 to assist local charities who have particularly struggled during the current pandemic.

These organisations in turn expressed their sincere gratefulness for the donations through short videos played at the virtual AGM. They explained what they do in the community and how this donation would benefit them, especially at such a difficult time where fundraising is restricted.

Our President Gerard Spain reported 2020 as being a record year in many ways despite a challenging year. Loan growth rose by 30% to £5.6m and savings had increased by 54% to £10.3m. He explained as a community based not-for-profit community bank these impressive figures show the commitment the community bank has in helping local people and the local economy. Further evidence of this being Northern Community Bank’s decision to continually support the highstreet in Colne with a plan to take over a new office space within the town centre that’s twice the size of our Shackleton Hall branch.

Mr. Spain continued to champion the ongoing success of the Family Loan and Saving Scheme

“Family loans have been phenomenally successful for Northern Community Bank. The particularly pleasing aspect of this product is that has enabled us to help a much greater number of our community”

“Firstly by providing affordable loans for the community whilst encouraging better saving habits, highlighted by the amazing fact that 34% of Northern Community Bank’s Christmas Savings Account is now saved by account holders from the Family Loan & Saving Scheme. The community bank has grown whilst increasing the financial capability of the community.”

The Community Bank membership agreed to retain the dividend on savings at 1% for both adult and junior accounts, this was recognised to be well above the national average of 0.06% on easy access savings accounts. It was also agreed that the adult loan interest rebates would rise to 6% from 2%. As a result Northern Community Bank was delighted to return £195,000 to account holders within the community in the form of savings dividend and loan interest rebate compared to £72,000 last year.

Account holders heard a speech by Antony Higginbotham, Member of Parliament for Burnley and Padiham. Whereby he shared his gratitude for Northern Community Bank helping local people in a time where family finances are struggling. Andrew Stephenson, Member of Parliament for Pendle, echoed Antony’s appreciation for Northern Community Bank’s financial services at this time and gave encouragement to “keep up the good work!”

Following this account holders heard keynote speeches from Robert Kelly, CEO of ABCUL the governing body of community banks. Whereby he advocated Northern Community Bank’s

Tremendous efforts in building financial resilience and supporting members in their hours of need.

Karen Bennet CBE, CEO of Enterprise Community Bank & President of ABCUL reflected on our achievements this year. She shared that Northern Community Bank was

“Without doubt one of the best community credit unions I’ve come across. Their passion and belief in what they’re doing and the fair but excellent services they are providing are amazing.”

The evening came to a close with a virtual raffle whereby Northern Community Bank awarded gift vouchers to winning account holders purchased from local businesses totalling £600!

If you’re searching for payday loans there’s a cheaper alternative

February 10, 2021 2:51 pm Leave a Comment

Payday loans aren’t the answer

If you ever find yourself searching for payday loans…stop!

These short-term money stop-gaps may appear attractive at first glance, but they’re devilishly designed to trap you in a cycle of debt. We get it. There are hundreds of reasons why people flock to payday lenders. An unexpected bill. Car repairs. Rent. Mortgage payments. Maybe it’s to pay for something special, like a holiday. Remember those? Sometimes we just need a few extra quid to help us get to the end of the month. Whatever the reason, payday loans are definitely never the answer.

Don’t let bad credit lead to bad decisions

Unscrupulous payday lenders prey upon society’s most vulnerable. They target individuals with poor or no credit; people who may be too embarrassed to ask family or friends for a loan; people who simply feel like they have ‘no choice’. There’s always a choice. You just have to make sure you have all the facts to hand before arriving at a decision that can impact your life for weeks, months, or even years to come.

One of the main reasons people ignore the extortionately high interest rates attached to payday loans is the fact lenders trumpet the speed of loan decisions, whilst downplaying the sky-high interest rates and targeting of those with poor credit history. ‘Payday loans bad credit’ is a popular combination on search engines.

At Northern Community Bank, we fully understand that people have had issues with bad credit in the past. The odd late payment can wreak havoc with a credit rating, even if you’re usually somebody who is always on top of their finances. This is why we carefully assess each applicant’s personal circumstances when looking at loan applications. Our loan decisions are based on affordability – not just credit scores – and these decisions are made by highly trained members of staff, not computers. We believe a person’s financial situation should be fully understood prior to a loan decision being made. This means we’re able to tailor repayments accordingly, providing you with a fair and manageable path out of debt.

A name you can trust when it comes to short-term loans

Northern Community Bank knows just how easy it is for unforeseen costs to creep up on you. We’ve been in this game for almost four decades, and we’ve seen it all. As an ethical not-for-profit financial, it is our job to help you, along with thousands of other local account holders, in times of financial difficulty. We offer low rates of interest, quick loan decisions, and there’s no set-up or early settlement fees for you to worry about, giving you the opportunity to avoid additional interest with zero penalties.

The next time you’re online searching for payday loans, search ‘payday loan horror stories’ instead. And then pick up the phone, ring Northern Community Bank on 01282 691333, and let us help you make the right decision.

Small loans the perfect cure for financial hiccups

1:56 pm Leave a Comment

We know that small loans can be a big help!

We never know what’s just round the corner. How many times have you managed to get your finances in order, for the universe to turn around and say, ‘Ha! Don’t go buying that dreamy new sofa just yet, sunshine.’ Broken boiler. The annual bank-busting MOT. That anniversary you definitely didn’t forget about.

Financial hiccups are far more irritating than regular hiccups, because drinking water upside down doesn’t cure a poorly bank balance. Thankfully, small loans offer fast-acting, long-lasting relief.

How small loans can help you

You’ll often see small loans advertised by high interest lenders. It’s generally for an amount in the region of £500, and is used to tide a person over for a short period of time. The problem with high interest lenders these lenders is that even when it comes to small loans, their interest rates tend to be eye-wateringly high. Everything may appear great on the surface, but those sharks are lurking just beneath. And before you know it, what started out as a way of getting yourself back on track suddenly has you drowning even further in debt.

Before you take the high interest lender plunge, have a chat with the team at Northern Community Bank. None of our staff bite, and they will happily talk you through our simple loan application and the options you have available.

One option we may look to explore is our £500 family loan. This is available to anyone in receipt of child benefit with no credit checks, where Northern Community Bank perform an affordability assessment to assist loan decisions. We look beyond people’s credit score when granting applications, with all our loan decisions made by real people, not computers. The £500 family loan is conditional upon child benefit being paid directly to Northern Community Bank. We aim to make decisions within one working day, and once granted, £500 will be on its way to your account the same day. And the best thing about our loans, there’s no nasty surprises down the road.

Northern Community Bank also provides small sums of money at affordable interest rates, with repayments tailored to suit your financial circumstances to those who do not receive child benefit. Anyone over 18 years of age is welcome to apply for a small loan.

No catches. No gimmicks. No sharks.

Northern Community Bank is always looking to the future

Big changes start with small steps…or small loans.

When you take out a loan with us – big or small – it’s always our aim to try and help you create better saving habits. We’ve been serving the local community for 38 years now, so it’s something we’ve managed to get rather good at.

Upon joining the Northern Community Bank family, you will automatically be assigned your very own savings account. Our ‘Save As You Borrow’ scheme means that as part of your loan repayment agreement, a small amount will be taken out and placed in this account. This will act as collateral against your loan, but will also develop into a rather handy nest egg. And you’ll be amazed at how quickly these savings build up. Not even the universe will be able take this from you.

Take the first step in improving your financial future today, apply online or give the Northern Community Bank team a call on 01282 691333 to discuss your options.

Short term loans are not the answer

January 5, 2021 11:06 am Leave a Comment

Short term loans from payday lenders don’t make for ‘Happy New Years’

How many days are there in January? 31? Wrong. 75. January is without a doubt the longest month of the year.

All the festive fun has fizzled out, eating chocolate for breakfast is now wrong, and our bank balances are suffering more than our waistlines. Now the Christmas spending spree is over, it’s time to tighten those belts – financially at least – and make sure 2021 actually does bring health, happiness and prosperity.

Turning to short term loans for a quick financial fix can be incredibly tempting. On paper they can seem like the easy option, especially when you’re short of cash. However, astronomical interest rates mean that while payday loans may be easy getting into, they’re almost always a nightmare getting out of.

Long term planning is the best way for dealing with money issues, and Northern Community Bank has decades of experience when it comes to guiding you through the process.

We know after 2020 you’re probably sick to death of seeing graphs and tables, so please bear with us…Figures correct 24.12.20

Spreading your costs over a more manageable period with a Northern Community Bank loan not only means more affordable monthly repayments, but when comparing with payday lenders it works out cheaper overall. On top of that, if you wish to make extra payments, Northern Community Bank loans have no early settlement or overpayment fees – like a lot of short term loans do. In fact, as interest is calculated daily, the quicker you repay your loan the less interest you pay, saving you even more money with less financial obligations.

Northern Community Bank’s quick loans online are a hassle-free solution

Interest rates tend not to be the thing people focus on when looking for short term loans. Payday loans are marketed at people who need cash in a hurry. That’s because the entire application process can be completed in a matter of minutes.

Northern Community Bank aims to have a decision for you – for loans of up to £15,000 – within two working days, as long as all the required information is present. Generally though, the process is done and dusted in under 24 hours with the funds paid into your account that same day.

While payday lenders will be chasing every penny they can from you, Northern Community Bank is more interested in ensuring you’re set for the rest of the year. All Northern Community Bank account holders are required to regularly save alongside making loan repayments meaning by the time Christmas 2021 comes around you should have a nice money pot for presents…or maybe even a night out, fingers crossed.

Short term loans often feel like the answer. Maybe it’s a different question you need to be asking. Give Northern Community Bank a ring on 01282 691333 and let us help you work it out.

Northern Community Bank’s emergency Christmas loans are available should you need one

December 2, 2020 1:28 pm Leave a Comment

Emergency Christmas Loans are available to help you spread the costs of Christmas over an affordable period

It hasn’t exactly been a year filled with the most joyous of news. However, as 2020 draws to a close – thankfully – households are being given a bit of festive respite in the shape of Christmas bubbles.

In case you didn’t know, here is what the Government is saying we can now do at Christmas:

Three households can form a temporary ‘Christmas bubble’ from December 23rd – 27th
They can mix indoors in private homes and stay overnight
No travel restrictions in the five-day period

It may not be much, but at least it’s something. And with ‘non-essential’ shops being given the green light to open, it means there’s some serious planning needed ahead of what is definitely going to be the most memorable time of this year.

Emergency Christmas loans here to help keep you on track

Every year we say we’re going to be better prepared for Christmas. Every year we end up staring at a Christmas to-do list wondering ‘how?’ If that list feels a bit more overwhelming than usual this year, don’t worry. At Northern Community Bank, we understand what a year like this can do to your financial planning as efforts to budget for Christmas go completely out the window. Our emergency Christmas loans allow you to apply for financial support right up until Christmas Eve and into the New Year. They give you the opportunity to spread the cost of Christmas over an affordable period, helping you avoid a crippling financial hangover come January.

Northern Community Bank boasts 38 years of community loan experience

Emergency Christmas loans is a topic that should not be taken lightly. We have been here helping communities financially for the last 38 years, and with that experience comes knowledge and understanding. It’s why our repayments are tailored to suit your financial circumstances. We want to ensure you and your family have a Christmas to remember, but we also want to make sure you’re ready for 2021.

You can apply for emergency Christmas loans with us online or you can call us on 01282 691333. Our merry staff would be more than happy to help chat about your options. Stay safe. And remember to keep businesses across Burnley and Pendle in mind when you embark on your Christmas shopping. Supporting local has never been so important.

Northern Community Bank there for the community during Coronavirus

November 11, 2020 4:21 pm Leave a Comment

What have Northern Community Bank done for the community during the coronavirus pandemic?

At times of crisis and hardship credit unions across the world emerge to help our account holders. As the coronavirus pandemic began to really affect the lives of people in our community in March, as a community based community bank we knew that account holders would need our savings and loan services more than ever.

Community banks, in particular, have obligations to their communities that large banks do not. At this time of need, there is a call for financial help – who will step up? Do we pull back and wait until things get better, or do we help our credit union members come out on top?

Steve Maloney

Northern Community Bank was well positioned to continue as normal when the branches were forced to close in March 2020. Community bank information was distributed prior to closing to account holders in branch, through social media, email and telephone conversations.

Northern Community Bank’s secure messaging app allows account holders to transact with their account, withdrawals and loan applications can be completed from start to finish with integrated e-signature, open banking and BACS payments
The Online Accounts Area allows 24/7 account access for balances, withdrawals and loan applications
We attempted to contact every account holder who regularly visited the branches to transact in cash to arrange alternative payment methods. It was nice to catch up with familiar voices too!
Throughout the pandemic our telephone lines have been operated by friendly members of staff – a team effort that many account holders have praised as a seamless service

“I am usually at working during the opening hours of the credit union so this was a quick and easy alternative, when I am unable to get to a branch, and great during this time when we are all isolating….. thank you”

Northern Community Bank account holder

We welcomed account holders back into branch in late May 2020. Covid-19 secure measures were implemented throughout the branches to make both our account holders and staff feel reassured we were taking all possible steps to minimise community spread.

Between the 23rd March 2020 and 11th November Northern Community Bank issued £8.2 million in loans to local people in the community. Whilst welcoming 573 new families to our Family Loan and Saving Scheme. Overall the savings we are trusted to look after by account holders has risen by £1.4 million.

If our account holders borrowed the same amount from the biggest non-standard lender in the UK, members of the community would pay an extra £6.6 million in interest. We are proud to be seen as a safe place to save, an ethical and affordable place to borrow.

The Northern Community Bank Christmas Savings Account opened in November for savers to withdraw the savings they had been depositing throughout the year for the festive period. This year we are thrilled to share that our local community saved over £230,000 in this account. £80,000 of that being from our Family Loan account holders alone – which is amazing and really helps people in the local community. That is a 53% increase on last year’s saving total, find out more about the account here

The Christmas savings account has been a life saver. I’ve always struggled around Christmas time but having this has made it a lot better for me, thank you very much.

Northern Community Bank account holder

We can see clearly that account holders during the pandemic have been borrowing to start and complete home improvement projects, many informed Northern Community Bank being lockdown in their houses was motivating them make the ‘house more homely’. A number purchased new household equipment such as TVs and entertainment systems, whilst a large number looked to borrow to make up for lost income or to be able to afford to bulk buy food.

No-one knows when the pandemic will be over, or when we can get back to normal however we can assure the community that the community bank will be here to help and support people until it is over.

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