24pete, Author at Northern Community Bank

Why We Provide Personal Loans For People With Bad Credit

August 20, 2018 9:39 am Leave a Comment

Having a good credit rating has become more important now than it’s ever been. After the financial crash of 2008 it became much more difficult to get credit in general, and this means that personal loans for people with bad credit are either impossible to get hold of or come with extremely high interest rates attached. The irony of this is that people with bad credit ratings are likely to be amongst those who need to borrow money most of all, and the difficulty which they face when meeting expensive interest payments can cause a spiral of more debt.

Here at Northern Community Bank we provide personal loans for people with bad credit ratings, because we realise they have the same kind of financial needs as everyone else. Just because you may have missed a few payments on a loan years ago, or run up an overdraft when times were tight, doesn’t mean you won’t want to buy a new fridge freezer, for example, or spend the bank holiday starting work on fitting a new kitchen. We understand this, and we see our personal loans for people with bad credit ratings as serving a dual purpose – first of all they put the cash and spending power in the hands of our account holders, and secondly they often provide the first step on the road toward rebuilding that bad credit rating.

All of this is possible because we’re an ethical lender. That means that we’re run on a not for profit basis, and lend money to our account holders on the basis of need and affordability, rather than what we think we can make out of them. Because we get to know our account holders as people, our loans are provided using this first-hand knowledge rather than on the basis of some faceless computer reading a secret credit rating.

When we provide personal loans for people with bad credit ratings we do so in a completely transparent manner. We don’t try to confuse you with financial jargon, we just explain exactly how much you’ll be paying back, when and for how long, and you can be certain that the interest rate you’re paying will be exactly the same as the rate paid by all of our account holders. Nor do we hide extra fees and charges in the small print, and a small piece of each repayment will even be used to help rebuild your savings.

Once you’ve given us all the information we need, we’ll make a decision within two days and, if we can, by the very next day. As soon as you get your answer the money will be paid into your bank account, leaving you free to get on with paying for the kind of things which you might otherwise not be able to afford. We think that personal loans for people with bad credit ratings are a vital part of what an organisation like Northern Community Bank can offer – helping people who find it hard to borrow money elsewhere to enjoy the kind of financial flexibility that’s available to so many others, and helping them to transform that bad credit rating in the process.

Why Northern Community Bank Provide the Best Personal Loans

August 8, 2018 8:50 am Leave a Comment

Unless you have the good fortune to be fairly wealthy, it’s highly likely that you’ve noticed how the money you have to spend never quite seems to stretch to afford all of the things you have to buy. No matter how much you save, or how careful you are, the chances are that the average wage will leave you coming up short when expenses such as new white goods for the kitchen or a well-earned summer holiday arise. That’s why we’re pleased to offer our account holders the best personal loans available.

There are lots of reasons why the Northern Community Bank loans are the best personal loans, but perhaps the most important is that they offer our account holders a valuable degree of freedom. The first aspect of this freedom involves being able to stop worrying about how you’ll afford to pay for something. The best personal loans are provided quickly and in a transparent manner, and can be used to cover emergency costs or on-going expenses as and when the need arises.

The second freedom is freedom from worrying about how you’ll pay the loan back. Our personal loans are provided in an ethical manner, and that means that we work on a not for profit basis. When you borrow money from us you’ll pay the lowest possible interest rate because we don’t have to worry about paying big bonuses or share dividends. All we worry about is providing the best personal loans for our account holders and using any money we do make to improve the lives of people in the local community.

It doesn’t matter whether you need the money to take the kids away somewhere nice over the summer, to fund a large DIY project on your home or to get your car back on the road. When you come to us you’ll know exactly where you stand, because you’ll be dealt with by a real person who’ll work with you to decide exactly what you can afford to borrow and how you can pay it back. The best personal loans are those which reduce stress and anxiety, rather than making it worse, and that’s exactly what our loans do.

The low interest rate we advertise is available to every single one of our account holders, and our personal loans are offered without hidden charges or extra fees buried in the small-print. Once you’ve given us the information we need we’ll work quickly, letting you know if you’ve been approved for a loan within two days and, if possible, by the very next day. As soon as we make a decision the money will be paid into your bank account, at which point you’ll be free to use it to make your life that little bit easier.

Far too many lenders take advantage of the needs of ordinary people when it comes to lending them money, but Northern Community Bank works with account holders to provide a valuable and affordable service. We know that nearly everyone needs a little financial help from time to time, and we’re ready and waiting to make it happen.

Arrange Your Holiday Finance with Northern Community Bank

July 8, 2018 8:34 am Leave a Comment

As the weather gets warmer it’s difficult to resist the temptation to start planning a summer holiday, and with the anticipation comes the issue of arranging holiday finance. As the kids start to break up from school and the last minute deals begin to fill the travel agent windows and websites, the ideal scenario is to be able to grab a bargain and start stocking up on sun cream, but the reality of everyday life is often different.

The holiday finance offered by Northern Community Bank enables our account holders to take advantage of the best holiday deals on offer, without having to worry about taking on an unaffordable debt to do so. Despite the best efforts people make to save the money for a holiday, demands such as school uniforms, car servicing and replacing kitchen appliances can soon eat into those savings, and our holiday finance can make the difference between a week or two away and kids stuck in the house feeling completely bored.

The best advantage of our holiday finance, particularly when compared with the finance deals you see on offer elsewhere, is that we are an ethical lender, and that means that the process is simple, transparent and affordable. We work on a not for profit basis, and that means that we don’t have to generate bonuses for executives or a big dividend pay-out for shareholders. Thanks to this we’re able to keep our interest rates as low as possible, making our holiday finance affordable for the widest range of account holders.

The other advantage of arranging holiday finance from an ethical lender like Northern Community Bank is that you know we’ll never lend you more than we honestly think you can afford to pay back, through a payment plan we know you can handle. The interest rates we advertise, what’s more, are the interest rates you get, no more or less. We don’t offer the best rates to a handful of account holders and higher rates to the rest, and we don’t believe in stinging our account holders with hidden charges or extra fees in the small print. At every stage you’ll know exactly how much you’re borrowing and, even more importantly, how much you’ll be paying back, and we’ll even put a percentage of each payment into your savings, so they keep building as you clear your loan.

If you want to apply for holiday finance you’ll find you’re dealing with real people rather than some faceless call centre, and we’ll give you an answer as quickly as possible. Provided you give us all the information we need, we’ll let you know if you’re holiday finance has been approved within two days or the very next day if possible. As soon as the decision has been made, the money will be transferred into your account, putting you in the position of having the cash up front to negotiate the best possible deal. We know how hard our account holders work all year, and we’re only too happy to help them have the kind of holidays they deserve.

Why We Offer A Better Deal Than Payday Loans

June 21, 2018 9:12 am Leave a Comment

There’s no getting away from the fact that people sometimes need to borrow money in a hurry. We don’t all have easy access to substantial savings, and many bank accounts don’t come with a built-in overdraft. Bearing that in mind, when an emergency occurs, or even an extra expense such as paying for a car to be fixed or a bolier breaking, people can’t be blamed for turning to payday loans for help.

The issue with most payday loans, of course, is the high-interest rates they charge. Although the actual rates may vary, they are generally much higher than loans available elsewhere and are generally provided to people who might find it hard to get credit through other means. That’s why we always advise our account holders to take out a loan with us instead, as the loans we provide are superior to payday loans in several different ways.

The first advantage a credit union loan offers over payday loans is based on those interest rates. Because we run as a, not for profit organisation we don’t have to charge excessive rates in order to bring more money in. Our interest rates are set as low as they can possibly be, and are completely transparent. That means, in contrast with some payday loans, that what you see is exactly what you get. We don’t offer special rates to a few borrowers, and there are no hidden charges or fees in the small print. Once we’ve discussed the amount we think you can afford to borrow, and the details of the repayment plan, you’ll know exactly where you stand.

The second notable difference, when compared to payday loans, is the ‘Save as you Borrow’ method unique to community bank. As part of your repayment, a small amount is taken out to build up savings, which will help to protect borrowers from expected expenses that may arise in the future by having a safety net in savings.

We are confident that loan applicants will be happy with the speed it takes from application to decision when compared to payday loans. Once you’ve provided all the information we ask for we’ll let you know if the loan has been approved within two days, and often by the very next day. What’s more, as soon as we say yes the money will be transferred to your account, leaving you free to spend it however you like.

Important though the money we save you is, there’s one more advantage we offer over payday loans, which is based on the way we deal with our account holders. When you borrow money from us you’ll be treated as a human being, dealing with our staff on a one to one, person to person basis, rather than having to fill in online application forms or speak to some remote call centre. We’ll make sure don’t borrow any more than you can comfortably pay back, and we’ll work with you to arrange the most convenient repayment plan.

While payday loans may seem convenient, they often lead to people borrowing more than they can afford to pay back or suffering the stress of dealing with sky-high interest charges. As an ethical lender, we don’t work like that. We realise that there is time when virtually everyone needs a little financial help, and we’re here to provide that help.

Our Fast Loans Put the Spending Power in Your Hands

June 12, 2018 4:22 pm Leave a Comment

Here at Northern Community Bank we believe in providing the best possible service for our account holders. That means providing fast loans at competitive interest rates in an ethical manner. We’re able to do this because we’re run as a not for profit organisation. That means we don’t have to generate dividends to pay to shareholders, or cash to hand out as bonuses to our executives. Any profits we do make are used to help regenerate our local area, and to make sure we can provide exactly what our account holders need.

We know from experience that many of our account holders need fast loans on occasion. Sometimes this might be to pay for an emergency item such as a new washing machine or repairs to a car. On other occasions it might be more pleasant, such as booking a holiday for the kids to enjoy during the long summer break off school. Whatever the circumstances, fast loans put freedom and spending power in the hands of our account holders. From replacing kitchen equipment to snapping up a holiday bargain, the fact that the cash is in your account quickly will put you in a position to get the best possible deal exactly when you need it.

The other main advantage of our fast loans is how affordable they are. We keep our interest rates as low as possible, and offer the kind of deals that other providers simply can’t match. Perhaps even more important is how straight talking we are. The rate we advertise is the same for every single loan we offer, and there are no hidden fees or charges in the small print. We only give out fast loans that we’re sure our account holders can afford to repay, and because we work on a one to one basis every application will be dealt with by a human being, not some distant computer or call centre.

Once you’ve provided all the necessary information, your application will be dealt with as quickly as possible. We call them fast loans for nothing – applications are processed within two days and, if possible, by the next working day. Once a loan has been approved the amount will be transferred into your account instantly, leaving you free to book that holiday or pay for that car repair, safe in the knowledge that the repayments are affordable, and that for every payment you make, some will even be used to help build up your savings.

Our fast loans are designed to take as much of the stress out of the process as possible. From dealing with our staff to having the payments and interest rates explained to you, we keep everything as simple and straightforward as possible. We want our account holders to enjoy the spending power of cash in the bank without the worry of unaffordable debt, and that’s exactly what our fast loans provide.

Our Home Loans Could Keep You Busy Over a Bank Holiday Weekend

May 21, 2018 8:51 am Leave a Comment

We’re slowly but surely moving into the season of bank holidays, warmer weather and lighter evenings. To some people, this might mean hours spent lazing on a deckchair, but for many others, it’s the opportunity to get on with those jobs around the house that you’ve been putting off for months. From replacing tired items of furniture to redecorating rooms or even investing in a patio or conservatory, these are all things which are much easier to get on with if you take advantage of Northern Community Bank’s home loans.

Like all the money we lend to our account holders, our home loans come at the lowest interest rate we can possibly offer. We run as a not-for-profit organisation, so we don’t have shareholder dividends or executive bonuses to worry about. That enables us to offer the best rates and to plough any money we do make back into the local community. Our stance as ethical lenders doesn’t begin and end with low-interest rates, however.

Another appealing aspect of our home loans is that the interest rate you’ll see advertised on any of our literature is exactly the interest rate you’ll be asked to pay. Unlike some lenders, we don’t offer a premium rate to particular borrowers and steeper rates to the rest. All of our account holders get the same deal, the same complete transparency and the same freedom from hidden charges, extras fees and expenses tucked away in the small print.

One of the major advantages of our home loans is that they put you in a position of power. Knowing that you have a specific amount of money deposited into your account will allow you to seek out the best deal, negotiate the best price and shop for anything from a set of garden furniture to a new kitchen safe in the knowledge that you don’t have to accept any old deal being offered.

Once you’ve applied for one of our home loans and provided all the necessary information, we’ll work quickly to process your request. In most cases, we can come up with a decision within a couple of days, and quite often by the very next day, and you’ll have the added peace of mind of dealing with individual members of staff on a one to one basis, rather than speaking to some distant, faceless call centre.

Once our home loans are approved they are paid directly to our account holders. Having got your money you’ll be free to spend it as you wish, safe in the knowledge that the repayments are affordable, and that for every payment you make a small amount will even be placed in your savings. Home loans from Northern Community Bank bring the option of transforming the space in which you live within reach of virtually anybody. Take a look around your home today and see what you could transform to make it ready for summer, then get in touch with us to find out what we can offer you.

A Holiday Loan worth writing home about

May 14, 2018 3:59 pm Leave a Comment

You may not have noticed it yet but the calendar is saying that summer is well and truly on the way, and with it the matter of arranging some summer holidays. Whether that means jetting off to somewhere in the Med, booking a holiday camp in Prestatyn or simply arranging a few days out to keep the kids entertained when they’re off school, it’s going to cost money. Dealing with this cost is made so much easier if you take out one of Northern Community Bank’s holiday loans.

In an ideal world, we’d all be paid enough that we could afford to save up for our holiday in advance. In the real world, however, stagnating wages, rising prices and one-off costs for things like car repairs, school uniforms and household goods mean that putting enough aside to enjoy a holiday is difficult if not impossible. Having worked hard all year and wanting your kids to enjoy the summer break it’s perfectly reasonable to start planning and looking forward to your holiday, however, and our holiday loans will enable you to do so with the absolute minimum of stress.

The key to the appeal of our holiday loans is that we are an ethical lender. The first thing this means is that we work on a not for profit basis, and any money we do make is used to improve the local community and the lives of the people living there. We don’t have to generate dividends for shareholders or bonuses for fat cat bosses, and this lets us keep the interest rates on our holiday loans as low as possible.

As well as being lower than you’re likely to find elsewhere, the interest rates we charge are completely transparent. Every one of our account holders will pay the same, rather than only a percentage being offered the very best deal, and nobody will ever be hit with hidden fees, charges or costs in the small print.

Taking out one of our holiday loans will enable you to start planning your summer break from a position of financial security. With the money in your bank, you’ll be able to seek out the best possible deals on everything from flights or hotel rooms to a bucket and spade. We’ll never lend you more than you can afford to pay back, and we’ll set repayments at a level which is easily achievable, meaning you can look forward to your holiday with none of the stress of wondering how you’re going to pay for it.

Once you apply for a Northern Community Bank holiday loan we’ll reach a decision within two days, and sometimes by the very next day. As soon as the loan has been approved, the money will be transferred to your account, leaving you free to start stocking up on sun cream and shopping around for the best holiday bargains. No matter what kind of summer holiday you have in mind, our holiday loans will take the worry out of paying for it. We think our account holders deserve to take a break and relax every now and again, and we do everything we can to help make that happen.

Take out a Wedding Loan for Your Big Day

May 1, 2018 2:38 pm Leave a Comment

There are certain milestones in the life of most families which bring a great deal of pleasure but require a rather large investment. Think of things like modernising your house, having a baby or buying a new car. They all cost a lot of money, but perhaps the most expensive one-off expense which is likely to crop up for most families is paying for a wedding. In these days of greater equality it’s no longer seen as purely the job of the parents of the bride to foot the bill, so if you’ve got kids there’s a very good chance you’ll end up paying at least some of the cost of a wedding. Given how expensive that can be, taking out a wedding loan from Northern Community Bank is easily the best option for dealing with the cost.

Research carried out by money.co.uk, using figures gathered by the Office for National Statistics, showed that the average cost of a wedding in 2017 was £27,000, but that this was predicted to rise to £32,064 by 2028. This figure is arrived at by including factors such as the venue and the cost of food for all the guests, so even if you don’t have to foot the entire bill, the wedding of one of your children is likely to put a massive hole in any savings you’ve managed to build up. That’s why a Northern Community Bank wedding loan could take the stress out of paying for the big day when it comes round.

Even if you’ve managed to amass some savings – something which isn’t easy against a backdrop of falling wages and rising prices – using all or a large chunk of them up to pay for a one-off event will mean you no longer have the safety net which savings represent. A wedding loan from Northern Community Bank, on the other hand, means you can pick and choose the very best on offer for the day itself, and haggle with suppliers in the knowledge that you have the ability to make a straight cash offer and drive prices down.

Unlike some lenders, we don’t offer one interest rate on our website and literature, and then point out the higher rates hidden somewhere in the small print. We’re an ethical lender and that means we’re always completely up-front and transparent about what you can lend, how much you’ll have to pay back per week or month and the amount of interest you’ll be charged. Because we’re a not for profit organisation we don’t have to bring in money to pay boardroom bonuses or share dividends. Any money we bring in is used to provide the best possible service for our account holders and to invest in our local community.

Once you’ve applied for a wedding loan we’ll deal with you quickly and clearly. We treat our account holders as individuals, and you’ll always be dealing with a real person rather than a computer or a distant call centre. Once we’ve got all the information we need we’ll give you a reply within two working days and by the next day if possible. As soon as a loan has been approved it will land in your account, leaving you free to get on with planning all the details, with nothing more to worry about than exactly who’s going to be sitting next to Uncle Barry. Contact us today for more information.

Make a Difference With Our Home Improvement Loans

April 26, 2018 9:57 am Leave a Comment

As the weather finally begins to improve – and it couldn’t really get much worse than snow over Easter – the chances are that you start thinking about things like summer holidays, picnics on the beach and spring cleaning. Another thing which tends to happen more once spring has sprung is DIY, from putting up shelves over the bank holiday weekend to undertaking major construction work. If you’re thinking of embarking on a larger scale project, then one of the home improvement loans from Northern Community Bank could be the best means of getting hold of the funding you need.

Our home improvement loans can be used for anything from fitting new kitchen cupboards or sanding and varnishing the floorboards in your lounge all the way up to building a conservatory. The point is that once the loan has been approved you can spend the money however you wish. This opens up purchasing power which means you can haggle over the price of larger components or pieces of kit, and take advantage of the savings available when paying cash and buying in bulk. The chances are that you’ll be able to access much better deals than the credit arrangements sometimes offered by retailers, making the most of your available budget and buying the best quality items.

The other major advantage of our home improvement loans are the terms on which we offer them. To start with, we do everything in a transparent and up-front manner. The interest rates which you see mentioned on our website and leaflets is the only interest rate we charge. Unlike some lenders, we don’t offer our best rate to a percentage of borrowers and a higher rate to all the others. Similarly, none of our account holders is ever hit with secret charges, fees or other small print.

Perhaps even more important is the fact that we are ethical lenders, working on a not for profit basis. When we set our interest rates we don’t have to think about paying a big bonus to the directors or funding a payout to our shareholders. That’s why we can keep our rates as low as possible, and any money we do make is ploughed back into making the community around us a better place in which to live and work. If you take out one of our home improvement loans we’ll only lend you what you can honestly afford to pay back, and we’ll put a percentage of each payment into your savings so they carry on growing as you clear your loan.

We’ve made the process of applying for our home improvement loans as quick and simple as possible. Once you’ve given us all the information we need, we’ll reach a decision within two working days and, if it’s at all possible, by the next day. As soon as the loan has been approved, it will be paid into your bank account, leaving you free to spend it when and where you want.

Northern Community Bank awarded £50,000 grant from Lloyds Banking Group Development Fund 2018

April 25, 2018 11:14 am Leave a Comment

The Lloyds Banking Group has selected 21 Community banks from across Britain who submitted applications to share £1million of grant funding in 2018. The latest support of the Community bank sector, run in partnership with the Credit Union Foundation, follows £4million that the Lloyds Banking Group has already provided over the past four years.

Under Lloyds’ commitment to their ‘Helping Britain Prosper’ plan, which was launched in 2014, the group aim to use their scale and reach across the UK to help tackle the social and economic issues that matter most. They have identified areas which they believe that support and funding could improve housing, saving for the future, building digital skills, supporting business growth, tackling social disadvantage and championing diversity.

Robin Bulloch, Managing Director, Lloyds Bank & Bank of Scotland said

“As part of our ambition to be the leading supporter of the UK’s Community banks, we are contributing an additional £1million to provide sustainable lending to even more Credit Unions, and in turn, their members. Over 66 Community banks have benefited from the Fund’s support to date, helping over 400,000 members across the UK, underscoring our commitment to Help Britain Prosper.”

The Development Fund is designed to strengthen the financial position of Community banks and give the sector the capacity to develop new strategies for sustained and effective growth and to provide additional much-needed responsible lending to communities across Britain.

Liz Barclay, Chair of the Credit Union Foundation and Development Fund Grants Committee said

“The partnership with Lloyds Banking Group has been transformational for the Foundation and is providing support for the Community bank sector that is unparalleled. From funding websites that allow new digital services for members, to building capital reserves that are supporting significant growth, the Development Fund is supporting credit unions, large and small, to achieve sustainability.”

Northern Community Bank is excited with the opportunity this large grant provides, which will enable the Community bank to reduce barriers to growth, CEO Kathryn Fogg

“We are thrilled to have received the Lloyds Foundation funding. This grant allows us to operate a branch within SPE Furnishings, on Briercliffe Road, and employ an additional member of staff to offer a real alternative to the pay weekly stores. It will also help Northern Community Bank to renovate a newly acquired town centre property. This will bring Northern Community Bank onto Burnley High Street showcasing us to the local community as an alternative to high interest lenders.”

Northern Community Bank would like to thank the Lloyds Banking Group for supporting the Community bank sector and we are confident that this grant will enable us to provide increased access to ethical savings and affordable loans to people in the Burnley and Pendle communities.

Credit and mental wellbeing

April 24, 2018 1:02 pm Leave a Comment

Northern Community Bank recently caught up with an account holder to discuss credit and mental wellbeing after they got into a mess with a doorstep lender and the high cost pay weekly stores.

I have no idea how I managed to keep paying the amount I was weekly

For a year and half a friend had been advising Ellen* to contact Northern Community Bank to discuss whether the Community bank would be able to help with the repayments that were in her words ‘causing sleepless nights’.

A report by the Royal Society For Public Health (RSPH) called ‘Life on Debt Row’ published their findings examining the effect of debt on health and wellbeing. The report includes a league table of credit types according to their impact on people’s mental health. Community banks proved to have the least serious impact on mental wellbeing, while payday loans, unauthorised overdrafts, doorstep loans and weekly payment stores proved to have the worst effect on mental wellbeing.

Ellen was paying the most well-known doorstep lender in the UK £126 per week, whilst paying £36 per week to a pay weekly store. At the time Ellen’s weekly income was £210.

Once Northern Community Bank had chance to talk to Ellen, we soon realised that helping her to cut ties with the pay weekly store would leave Ellen in a much better financial situation.

Ellen was shocked when Northern Community Bank produced a quote for the £500 bed and mattress combination. Enquiring about a loan with repayments continuing at £36 per week would result in a total cost of credit of under £530! At that point Ellen asked us to look at consolidating her doorstep loans.

A Northern Community Bank member of staff worked out how much Ellen owed the doorstep lender; went through income, expenditure and performed a credit check to establish whether the loan was affordable. Our credit committee made the final decision to grant the loan, the doorstep lender was paid directly from Northern Community Bank. Looking back Ellen said she believes this discussion with Northern Community Bank changed her life.

Speaking to Ellen recently really brought home for staff at Northern Community Bank how by offering an ethical alternative to high interest credit lenders we can enable people in our community to make positive change. Ellen, who no longer needs the support of the Food Bank.

This Christmas I was able to buy my daughter’s Christmas present with cash for the first time in a number of years. Just before Christmas my cooker packed in, I had saved enough cash to replace it and buy my daughter a television as a present. Thank you – at the end of each week I now have money to save for anything that might pop-up

It was hugely satisfying to read recently how Community banks were rated highly by account holders surveyed by the Financial Inclusion Centre report ‘An Insight into Credit Union Membership’. At Northern Community Bank we strive to provide the best possible service for the account holders who own Northern Community Bank. The research found

88% thought their Community bank provided good/very good value services
81% were extremely/very satisfied overall with their Community bank
84% would recommend to a friend or family member

These findings support Ellen’s view when we finished talking recently

I tell everyone about Northern Community Bank. The Community bank has helped me get back to normal, I have my finances under control and I am saving at the same time.

If you would like to discuss your borrowing needs, whether you are in a cycle of door step borrowing or you feel you have no options other than the pay weekly stores for white goods and furniture, then contact Northern Community Bank today

*We have changed the name of the account holder

0% Kitchen finance

April 9, 2018 10:41 am Leave a Comment

Who does not want a brand new kitchen, with shiny new appliances that will make day-to-day life easier, with 0% interest free kitchen finance offered by a growing number eager sales people? But what happens when the interest free period finishes on your kitchen finance and you start to look at the numbers?

Spring has arrived, the flowers have started to bloom in the garden and we are flying towards the summer. It is around these months at Northern Community Bank that we start to see loan applications for home improvements in increasing numbers. One situation that Northern Community Bank encounters regularly is people in the Burnley and Pendle communities who have taken advantage of 0% interest free finance on kitchens and bathrooms, but get to the end of the period and unfortunately have not repaid as much as they had planned.

We sat down with a local resident who had come to the end of their 0% interest free period on a sparkly new kitchen to compare the finance package provided through one of the UK’s largest Banks v the same repayments with a loan from Northern Community Bank.

We were not surprised to see that loan package we provide is more than competitive. Firstly we urge anyone who may be considering a finance package or who is coming to the end of their 0% interest free period to really look at the APR, the total cost of credit, length of credit period and monthly repayments.

We compared the finance package, keeping the monthly payments on the Northern Community Bank loan exactly the same to see how much we could save on the total cost of the kitchen finance

£3,337 cheaper for the same amount of credit, with the same monthly payments at Northern Community Bank!

When taking a loan with Northern Community Bank there are a number of free value added benefits to compliment the loan package we offer. Importantly there are no set-up fees or early payment penalties. Northern Community Bank promotes the ‘Save as you Borrow’ method that helps account holders to build up savings whilst repaying a loan, which can protect them from expenses in the future. Finally as a not-for-profit cooperative we only operate to benefit account holders and wider the community.

Applying for a Northern Community Bank loan is refreshingly simple, if you’re in a situation where you need to reassess your kitchen finance then we could provide a better alternative. We are confident that we will be competitive with loans for home improvements up to £15,000.

Once you’ve provided us with all the information we need we’ll reach a decision as quickly as possible. This means you’ll know if you’ve got the loan within two working days and, where possible, on the very next day. Apply online today or pop into one of our three town centre branches in Nelson, Burnley or Colne to complete a loan application form. If you require any further information contact us today.

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