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 £85,000.
- Free life insurance, 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!
