24pete, Author at Northern Community Bank

Looking for an alternative to Piggy Bank loans?

January 14, 2020 12:57 pm Leave a Comment

Christmas is over and January’s payday feels closer to 2021 than it does the end of the month. With funds running low after our festive splurges, the temptation is there to go on the hunt for a quick fix in order to bolster ailing bank balances. Unfortunately, this temptation often comes in the form of payday lenders and their promises of ‘quick and easy cash’ with no catches or concerns. Terrifyingly high interest repayments are, however, a pretty nasty catch.

Thankfully there has been a real crackdown in recent years on lenders such as Piggy Bank loans, Wonga and QuikQuid. In fact, Piggy Bank loans has become the latest short-term creditor to disappear after collapsing into administration shortly before Christmas. Six months earlier they had been forced to stop trading after the Financial Conduct Authority raised concerns about poor affordability checks. It meant Piggy Bank loans was forced to carry out an assessment to make sure it was lending money to customers who could afford to pay back their loans.

New customers were being offered ‘Piggy loans’ of up to £1,000 for up to five months, paying an interest rate equal to an annual percentage rate of between 1,255% and 1,698%. Following the assessment, the firm ceased to carry on lending. When we see these kind of figures at Northern Community Bank, it makes our eyes water. Loans should be used to help give people a leg up, not plunge them into financial chaos.

Now, of course we’re going to say Northern Community Bank is a credible alternative to some of these unscrupulous payday lenders; you’re on our blog after all. But we are more than happy to back this claim up with a few facts.

1. High interest rates? Not here. Our interest rates are set as low as they can possibly be. As Northern Community Bank is a not-for-profit organisation, we do not need to charge excessive rates in order to bring more money in. Our rates are between 1% and 3% interest per month on the decreasing balance (12.7% APR – 42.6% APR) – so the interest is always reducing.

2. When it comes to payday loans, costs can quickly spiral out of control if they are not repaid on time or in full. Northern Community Bank does not want to catch anybody out; the exact opposite in fact. We want to help people get back on sounder financial footing. That’s why we ensure account holders don’t borrow any more than they can comfortably pay back, and we always ensure manageable repayment plans are put in place.

3. When people think about Piggy Bank loans they think ‘quick turnaround’. Well, we’re no slouches here at Northern Community Bank and are more than confident our loan-decision times are up there with the quickest. Once a person provides us with all the information we require, a decision will be made within two days; more often than not the very next day.

4. The ‘Save as you Borrow’ method is unique to credit unions and offers account holders the kind of safety net payday lenders are just not interested in. How it works is that as you make repayments, a small amount is taken out to build up a savings pot. This helps protect you from any expected expenses that may arise in the future, reducing your need to borrow.

5. Last but by no means least, Northern Community Bank staff are among the most professional and hard-working around. Our dedicated team is always on hand to answer any questions you may have regarding our loans, whether that’s over the phone or in person. Give us a call on 01282 691333 to find out more.

New Year, New me! Ways to fight the January financial hangover.

December 31, 2019 10:10 am Leave a Comment

Happy New Year! No doubt you have some money managing goals in mind for 2020.

We understand that Christmas usually brings a huge January financial hangover going in to the New Year. Prompting a desire to sort out your finances or bury your credit card letters in the sand….Nevertheless Northern Community Bank would love to help, no matter how bad the credit cards or ‘buy it now, pay later’ schemes got the better of you last year.

Northern Community Bank (Northern Community Bank) is a not-for-profit financial cooperative that offers ethical, affordable loans (up to the value of £15,000) and savings accounts for the community of Burnley, Pendle, Ribble Valley, Rossendale and Hyndburn.

We urge you to understand the interest rates and the repayment terms of your existing contracts and seek an alternative to these lenders with us. Comparing the representative % APR allows you to compare any loan accurately.

“Representative % APR: takes in to account all the charges associated with a loan in addition to the interest rate.“

It can be tempting to just look at the weekly or monthly repayment amount alone, although, the total cost of credit and checking whether there are early repayment penalties is imperative to ensure you can minimise the total cost of your loan.

Although, we cannot guarantee a less expensive loan repayment term we can almost be certain your providers are likely to be operating for a profit, unlike Northern Community Bank, and it will not cost you anything to enquire or apply for an affordable loan at Northern Community Bank.

Please see below a factual comparison of our loan terms against other lenders

Representative Example	Amount Borrowed	Number of Weeks	Weekly Payments	Representative % APR	Total Paid	Cost of Credit
Northern Community Bank	£500.00	52	£11.50	42.6% APR	£596.92	£96.92
Bright House	£505.18	52	£12.67	69.8% APR	£658.84	£153.66
Provident	£500.00	52	£18.00	299.3% APR	£936.00	£436.00
Peachy	£500.00	52	£18.80	855.9% APR	£976.37	£476.37

Figures correct 23/12/19

The numbers speak for themselves, ensuring you have more disposable income for the whole year!

Further reasons why we make a great alternative to your existing credit provider are

We encourage all account holders to save with every loan repayment, meaning the money you save by switching to us could be the funds you save for Christmas next year to avoid the never ending cycle.
Our loan decisions are made by people and aren’t solely reliant on your credit score, meaning we can lend to people that other lenders often will not.
We report to credit referencing agencies each month, resulting in a positive boost to your credit rating when repayments are made in line with the schedule. Unlike some high interest lenders that often only report when repayments are not made.
All savings are protected by the Financial Services Compensation Scheme up to the value of £120,000.
Free bereavement fund benefit, so in the event of your untimely death your loan would be paid off (subject to rules)
No set up fees or early settlement penalties

Whether it’s your sons PS4 that he just had to have or the washing machine that broke a week before Christmas. Taking out a loan with us to repay these credit items early, could be the first step in completing your New Year resolution of being financial savvy with your money this year and forever.

Kick the January financial hangover early or the sleigh bells of Christmas 2020 will soon be here.

To new beginnings!

Prepare for Christmas early – Christmas Savings Club

9:50 am Leave a Comment

Christmas brings a warm festive feeling to most people’s hearts, whilst burning a huge whole in their pockets come the New Year!

January poses a huge financial challenge for many households, with the impact of festive spending taking its toll on household budgeting. Because of this it’s a great idea to save in advance and spread the costs over the year.

If the damage has already been done, and a ‘buy it now, pay later Christmas’ has got the better of you. Don’t wait for the bills to start falling through the letter box or the interest will start snowballing in to next Christmas! Speak to a member of our staff today on 01282 691333 and we’ll answer any queries you may regarding an affordable loan with repayments to suit you. Alternatively, you’re more than welcome to pop into one of our branches in Burnley, Nelson or Colne to discuss.

With the average family spend being a whopping £800 on Christmas, the use of Christmas savings clubs like Northern Community Bank’s very own is a great idea! Even if we do say so ourselves. This account allows you to save as much or as little as you like throughout the year with the money you save ONLY being able to be withdrawn during the months of November and December.

£ Per Week	Yearly Saving	What you could buy with this money
£3	£156	Christmas food shop + 1 or 2 small present
£5	£260	Christmas food shop and festive celebrations
£10	£520	Gaming console complete with multiple games and extras
£15.40	£800	Christmas as a whole!

This account was specifically designed to help our account holders who really struggle saving for this Christmas period. We know that no one wants the financial stress ruining their merry mood.

“I don’t know what I would do without my Christmas account” –

Northern Community Bank Member

Many of our account holders have existing loans with us, such as the family loan. This is a £500 loan that uses the individual’s child benefit to make their weekly loan repayments. Instead of their surplus child benefit being transferred back to them, many account holders used their excess money to save for Christmas. Amazingly 20% of this year’s Christmas Savings Club was saved by account holders with the Family Loan. A real blessing when it comes to Christmas!

What makes the Christmas Savings Club the perfect solution to a stress free Christmas next year?

Unlike other Christmas clubs the money you save is fully redeemable in cash and not exchanged for gift card or other items restricting what and where you can purchase your Christmas necessities from.
The money you save is protected fully by the Financial Services Compensation Scheme up to the value of £120,000. Meaning you wouldn’t lose any money if Northern Community Bank was to go into administration, like other Christmas Savings Clubs have in recent years.
The money does not have to be withdrawn at once, you can withdraw as many times as you like within the November and December period. Any money not withdrawn or required will start your savings towards next Christmas.

We know you say you are going to do this every year. So why not make the first step today and join hundreds of other Northern Community Bank account holders who saved over £150,000 last year alone. This time next year you will be so pleased you did. There’s never been a better time.

Quick loans online Northern Community Bank

June 24, 2019 1:36 pm Leave a Comment

It’s summer, naturally the weather is changeable, and you’ve just spotted an incredible holiday deal that could see you sat on a beach, sipping ice cold cocktails in a matter of days. One problem. Your bank account isn’t going to cover it and you don’t have time to get down to the bank and fill out a mountain of forms. Fortunately, Northern Community Bank’s quick loans online service offers up the perfect solution.

With our quick loans online we aim to have a decision for you – for loans of up to £15,000 – within two days as long as all the required information is present. More often than not decisions are made within the day. Monday morning you could be applying for one of our quick loans online; Tuesday morning you’re packing that suitcase.

By carefully assessing each applicants personal circumstance, we make loan decisions on affordability and tailor repayments to suit you so the only thing you’ll be worrying about while at the pool is getting a lounger.

Of course the quick loans online service isn’t necessarily reserved for oversea jaunts. It may be for an unexpected bill, a child’s birthday or maybe, just maybe, the UK has been promised a summer heatwave and you’re after some garden furniture to take full advantage of it.

Quick loans online also extends to our £500 family loan and saving scheme. Ideal for those out of the blue family expenses, all Northern Community Bank account holders need to do is complete a simple loan application, with no credit check. Following an affordability assessment we will once again look to get your application turned around as quickly as possibly – hopefully within one working day – with a £500 BACS payment issued that same day if approved. Applicants must be in receipt of Child Benefit, which will be paid into your Northern Community Bank account. Part of this will be used to make your loan repayment while a small amount will be held in a savings account for you which cannot be withdrawn until the loan is paid in full.

Whatever your reason for needing that extra bit of cash, Northern Community Bank’s quick loans online is undoubtedly one of the most hassle-free solutions. If you’re unsure about the quick loans online process then please contact us at one of our branches in Burnley, Nelson or Colne and one of our highly trained members of staff will be happy to talk you through it.

Sun, sea and sand could be just around the corner.

Martyna joins CU Futures 12 month programme

June 17, 2019 1:12 pm Leave a Comment

Northern Community Bank’s Martyna enrols on CU Futures 2020 programme

Martyna joined the CU Futures class of 2020 in Manchester recently and spent the day getting to know the other seven young professionals from various credit unions around the country, learning more about the programme ahead of them and hearing presentations from senior members of the ABCUL staff team about key credit union sector issues and the Association’s work.

Martyna has been part of the Northern Community Bank team for two years as a member services officer. A key member of staff who is known to account holders across all three branches.

CU Futures is the Credit Union Foundation’s young professionals’ programme, now in its fourth year, run in partnership with ABCUL and operated with funds raised from the credit union sector including a generous donation from US based Peach State Federal Credit Union.

The aim of the CU Futures programme is to attract and retain young talent in the credit union movement, whilst strengthening the sector by providing participants with the relevant knowledge and training to become future leaders.

Martyna has been involved in a number of ABCUL events recently, attending the Manchester conference where the Credit Union Young Professional Network was launched and she also got the opportunity to see the CU Futures 2019 class graduate, motivating Martyna to apply for this year’s programme

The CU futures programme will facilitate the education that I want, whilst furthering my understanding of credit unions and the impact they have around the world

Rosanna Donovan, Head of Member Services at ABCUL, welcomed Martyna and her colleagues at the Association’s Holyoake House headquarters to outlined what the programme had in store for the participants

Over the year, this class – who are the future of the British credit union movement – will not only experience some fantastic opportunities for personal learning and development but will be equipped to develop and educate their peers and colleagues and the next generation of community bank leaders.

Northern Community Bank has seen two members of staff complete the CU Futures programme in recent years and are excited to see Martyna develop and bring new practices back to our credit union. Martyna will participate in board meetings at both ABCUL and Northern Community Bank , events celebrating International Credit Union Day at the Palace of Westminster on October 17th, receive media and communications training from credit union supporter, broadcaster and journalist Liz Barclay, whilst also completing The Pacific Institute’s High Performance Culture programme.

Martyna is passionate about the work we do in the community and has already been involved in organising and running elements of the Northwest Forum of Credit Union’s WOW in Blackpool. Looking forward to the start of the programme Martyna said

Overall, CU futures will be a perfect opportunity for me to further my education and improve my skills and bring something new to our Community Bank and better serve our community.

Good luck Martyna from all the account holders and staff at Northern Community Bank!

Northern Community Bank at the Palace of Westminster

June 10, 2019 1:40 pm Leave a Comment

Kathryn Fogg our CEO was invited to represent Northern Community Bank at the Palace of Westminster last week. We joined with Credit Unions, politicians and Lloyds Banking Group to celebrate the sharing of the £1 million 2018 round of funding for the Lloyds Banking Group Credit Union Development Fund.

The evening was hosted by Chair of the All Parliamentary Group on Credit Unions, Bim Afolami MP, and addressed by Economic Secretary to the Treasury, John Glen MP, Minister for Pensions & Financial Inclusion, Guy Opperman MP and Managing Director of Halifax Bank, Russell Galley.

Northern Community Bank was successful in the 2018 Lloyds Banking Group Credit Union Development Fund for £50,000. Lloyds Banking Groups funding is part of their ‘Help Britain Prosper’ plan. This was launched in 2014 and run in partnership with the Credit Union Foundation. The £1 million grant was originally set up to help Credit Unions and has now reached £5 million over 5 years with the Lloyds Group announcing at the event a further £1 million for 2019 to show their commitment to the Credit Union movement.

Speaking on behalf of The Credit Union Foundation, Secretary and ABCUL Chief Executive, Robert Kelly said

The partnership between Lloyds Banking Group and the Credit Union Foundation has been truly transformational for the last 5 years and we are delighted to see the development fund extended for a further year

Northern Community Bank are proud to be self-sufficient, however with the rapid sustainable growth means that the Community bank needs to increase financial reserves to comply with regulatory requirements. With Northern Community Bank being awarded the £50,000 grant from the Lloyds Banking Group funding this allows us to put the grant into Northern Community Bank’s reserves.

John Glen MP said

“Tonight we are here to celebrate Credit Unions and the vital role they play in our financial sector”

he continued

“I thank Lloyds Banking Group for providing the 17 seed grants and six large grants to credit unions in this round of funding and also I am grateful for the positive way in which credit unions have engaged with government over the last five years”

Chief Executive, Kathryn Fogg said

“It was a pleasure to meet representatives from the Lloyds Banking Group to discuss how the awards have helped Northern Community Bank develop in Burnley town centre and provide some of the extra regulatory reserves necessary for future growth.
Thank you to Julie Cooper MP for Burnley who welcomed me to the meeting, showing her continued support for Northern Community Bank”

Northern Community Bank would like to thank the Lloyds Banking Group for supporting the Community bank sector and personally helping Northern Community Bank over the past 2 years. With the help from the Lloyds Banking Group Credit Union Development funding grant we have been able to purchase and renovate new premises in Burnley, we have grown our partnership with Spacious Place Furnishings and we have been able to strengthen our reserves. This enables us to provide increased access to ethical savings and affordable loans to people in the Burnley and Pendle communities.

We Provide an Ethical Alternative to Logbook Loans

May 16, 2019 10:54 am Leave a Comment

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.

Our Low APR Loans Do Just What They Say on the Tin

April 18, 2019 12:00 pm Leave a Comment

When you see low APR loans advertised by the likes of high-street lenders, credit card companies, payday loan companies and even big name credit cards, it always helps to read the fine print very carefully. If you do you may well find out that these low APR loans are not as affordable and available as they first seem to be.

Many lenders, for example, advertise an attractive headline rate but then only have to provide these low APR loans to 51% of the people applying for that loan, with the rest charged interest at a much higher rate. In addition to this, many lenders charge additional fees which are hidden in the small print of a loan agreement, or may even penalise you if you’re lucky enough to be able to pay the loan off more quickly than you’d intended to.

Finally, when you’re considering taking out what appears to be a low APR loan it’s well worth your while sitting down to calculate exactly how much you’ll have paid back once all the payments have been met. On many occasions you’ll be surprised to discover just how much so called low APR loans can actually end up costing you.

None of this applies when you take out one of the genuinely low APR loans offered by Northern Community Bank. In the first place, we are non-profit making organisation, so we don’t have to bring in money from our borrowers to create a surplus and fund bonus payments or share dividends. In addition to this the fact that we are an ethical lender means that our low interest loans are provided in a completely transparent manner. The interest rates that we advertise are the only rates we charge, and you won’t find any hidden fees or charges in the small print. To put it simply, what you see is what you get, and that means low APR loans to pay for anything you need help with.

As winter turns to spring that may well mean taking out one of our low APR loans to pay for your holiday. Whether you’re flying to sunnier climes or planning a ‘staycation’ at the British seaside, you can borrow the money you need safe in the knowledge that you’ll be able to make the repayments. That’s because we won’t lend you more than you can afford to pay back, and we’ll set up a repayment plan that you’re able to meet.

Applying for our low APR loans is a quick and simple process, and once you’ve given us all the information we need we’ll try to make a decision in just two working days. If the loan is approved we’ll transfer the money straight into your account, leaving you free to book that holiday, buy that car or consolidate existing debts. Whatever you use the money for you’ll have the comfort of knowing that our low APR loans are genuinely good value, and that we’ll always work to keep them that way.

Is it too early to open a Christmas Savings Account?

April 8, 2019 10:43 am Leave a Comment

Is it ever too early to mention the C word… yes Christmas! By saving up all year round with a Northern Community Bank Christmas Savings Account we can take all the stress away with any money worries and you can enjoy all the magic Christmas brings. Save a much or as little as you like throughout the year, but you can only access it from November 1st- 31st December.

The Centre of Research (CRR) found that

The average Christmas costs £821.25 per household

Our Christmas Savings Account isn’t like any other saving clubs or schemes, you spend YOUR money where you like, yes that’s right not vouchers or hampers where you are restricted to certain shops – you spend where you wish to.

Last year Northern Community Bank account holders in Burnley and Pendle saved over £150,000 throughout the year. All you need to do is open an account with Northern Community Bank and ask for the Christmas Savings Account it’s as easy as that click here to open an account. You can join at any point during the year and you don’t have to withdraw your money all at once, any money left unused will start your saving for next Christmas. Withdrawals are available by BACS transfer, loaded onto an Engage VISA card (earn up to 15% cashback with engage rewards partners) or cash.

Start saving £10 per week today and you will have a £370 head start

Research from the National Debtline, run by Money Advice Trust explained

An estimated 7.9 million people were expected to fall behind with their finances in January this year, as a result of the cost of Christmas.

You won’t need to worry about how expensive the latest Xbox or the new IPhone is come December if you open a Northern Community Bank Christmas Savings Account today.

Apply For A Travel Loan Today

April 4, 2019 12:00 pm Leave a Comment

It’s that time of year again when people start looking forward to their summer holiday. There’s no escaping the fact that, as well as the excitement of choosing your destination, picking between a city break and a seaside stay and shopping around for the best flights or UK holiday camp deal, you also have to deal with the pressure of paying for it all. That’s where a Northern Community Bank travel loan can be extremely helpful.

The type of travel loan you take out depends entirely on your circumstances. You may just want to borrow a small amount for spending money while you’re away, or to stock up on essentials like new outfits, sun cream and buckets and spades for the kids. Alternatively, the travel loan you take out could cover the entire cost of a holiday, from travel insurance to new suitcases, leaving you free to concentrate on planning excursions and daydreaming about sunbathing.

When you take out any size of holiday loan with us you can do so safe in the knowledge that you’re borrowing from an ethical lender. That means that we’re owned by our account holders and run on a not for profit basis. Any money we do make is used to improve the lives of our account holders and the wider community, a large part of that revolves around keeping our interest rates as low as possible. We don’t have to build up money to pay bonuses or share dividends, so we can offer you a travel loan at the kind of interest rate you’ll find hard to beat, and we offer the same attractive rate to everyone who borrows money.

As well as low interest rates, we can promise that the travel loan you take out with us will come without any hidden fees or charges buried in the small print. When you make an application you’ll be dealt with as an individual, and we won’t necessarily let the fact that you may have a bad credit rating get in the way of lending you money. We’ll look at your circumstances and try to come up with a travel loan and repayment plan which we’re confident you can afford.

Once you’ve provided all the information we ask for we’ll try to deal with your application in as little as two working days. If your travel loan is approved we’ll transfer your holiday money straight into your account. Not only does this mean you can relax and start planning your holiday, it also puts you in the position of being able to shop around for the best deals with the bargaining power of cash in hand to pay for things.

We think our account holders deserve to be able to take a holiday away from the stresses of everyday life, and we know how hard affording that can be. A travel loan from us can fund everything from a caravan weekend to two weeks in the South of France. Whatever your idea of getting away from it all is, Northern Community Bank can help to make it happen.

Our Loan Calculator Keeps Things Simple

March 21, 2019 10:31 am Leave a Comment

Northern Community Bank is an ethical lender. That means that we lend money to our account holders in a way which is focused on their needs rather than our profits. The profits that we do make is used to improve the area in which we’re based and the lives of people living there. If you take a look at our loan calculator, you’ll see how affordable borrowing money from us is as a result of this.

Our loan calculator sets out in a clear and easily understood manner exactly how much you’ll have to pay back to us if you borrow a specific amount of money. The loan calculator sets out weekly and monthly repayments and makes it easy to see not only how much your regular payments will be, but also the amount which you’re being charged in interest.

The straight forward nature of our loan calculator demonstrates the way in which we always try to give our account holders the fairest deal possible. That means we don’t charge them extra for arranging a loan, or hide any fees in the small print of our contracts. It also means that we work to come up with a payment plan which we believe you’ll be able to meet, and even go to the trouble of putting aside a small percentage of each repayment so that your savings are building as you pay back your loan.

If you access our loan calculator you’ll be able to see exactly what you’d be paying back for a variety of loan amounts, and that makes it easy to sit down, figure out how much money you’ve got coming in, and borrow an amount which you can pay back without undue stress. All too often, borrowing from the likes of doorstep or payday lenders can lead to a debt spiral, with more debts having to be taken out and repayments building constantly.

Our loan calculator sets out the service we offer no matter why you need to borrow money. It could be because your washing machine has just broken down, your house needs redecorating or you want to take the kids on a summer holiday. In other words, all the things which people should be able to afford but sadly often can’t through a combination of low pay and rising prices. As our loan calculator demonstrates, funding the things you and your family need doesn’t have to stay just out of reach, and our staff are ready and waiting to come up with a loan arrangement which will suit your circumstances.

We realise how urgent these needs can sometimes be so we always try to deal with applications within a couple of working days. Once a loan has been approved it will be transferred instantly to your account, leaving you free to spend it without having to worry about whether you can afford to pay it back. If you’re not a member of Northern Community Bank take a look at our loan calculator to see in simple black and white just what we could do for you.

Bad Credit Finance Provided in a Fair and Ethical Manner

March 12, 2019 12:00 pm Leave a Comment

There’s no denying that borrowing money is a simple fact of many people’s lives. No matter how careful you are, unless you happen to be lucky enough to be fairly well-off, there will come a time when it proves impossible to simply save up for the things you need to purchase. That’s why bad credit finance is such a vital issue.

Bad credit finance is a phrase which covers lending money to people who have a bad credit record. All too often, bad credit finance means dealing with lenders who don’t have the best interests of their clients at heart. Whether that means going to a pay-day lender, taking out an overdraft or dealing with a high street store that provides items on a weekly payment plan, bad credit finance usually means money loaned at very high interest rates.

Here at Northern Community Bank we don’t think that’s fair. We understand that bad credit finance isn’t some kind of luxury item which people access without stressing about it. We know that it will often be needed to pay for essentials such as a new fridge, a car repair or school uniforms. Even if it’s for something more pleasant like a holiday or Christmas presents, bad credit finance is often the only way it can be funded, meaning that people already in difficult financial circumstances are being penalised all over again.

We understand that the kind of credit rating which can lead to bad credit finance is often very difficult to avoid. One missed payment because a month’s wages are lower than usual can do the damage, and in some cases a poor credit rating is caused by the fact that someone hasn’t had to access credit in the past.

The good news is that Northern Community Bank is an ethical lender, which means that we provide bad credit finance in away which is fair and affordable. Being an ethical lender means that we don’t have to make a profit on the money we lend. We’re owned by our account holders, so we don’t have to pay executive bonuses or share dividends. That means we can keep our interest rates as low as possible, and lend to people with a less than perfect credit score as long as we believe they’ll be able to pay the loan back.

Our ethical bad credit finance is offered to all of our account holders at the same competitive interest rate. Unlike many lenders, we don’t advertise an appealing headline rate and then only provide that for a handful of borrowers. In simple terms, what you see is what you get, and when you borrow from us we’ll create a payment plan which we believe you can meet without undue stress or having to take out additional loans elsewhere.

Once you’ve provided us with the information we need to make a decision, we’ll try to let you know within a couple of working days. If your loan is approved, then the money will be transferred to your bank immediately, leaving you free to spend it on those things which you might otherwise not be able to afford. We don’t see why bad credit finance has to be bad finance, and we work with our account holders to help them access the funds they need. Find out more about our loans today!

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