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 Nelson, 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.
