How Northern Community Bank’s small loans can make a big difference to your finances
Small loans are designed to be a quick and simple solution for people who find themselves in a tight financial spot. But just how important is the lender you choose? The short answer is, very. The long answer, we’ll get to that a little later in the blog.
First of all though, let’s take a quick look at why small loans can play such an important role in our lives. A broken down car. An oven on the blink. An out-of-the-blue bill. Unfortunately, unexpected expenses are part and parcel of life. Annoyances at the best of the times. But in the midst of a full-blown cost-of-living crisis; a very real and very genuine concern for a lot of under pressure households. Small loans can help ease that pressure. A quick fix for a financial shortfall. That quick fix only remains a quick fix though if you choose the right lender.
Are small loans from payday lenders safe?
Traditionally, applying for a loan, even small loans, is fraught with difficulties, stress and worry. Financial panic can lead to rash decisions being made; decisions that can leave you far worse off in the long run, even if in the short term, that initial expense is dealt with. Payday lenders are renowned for their ability to process applications in a speedy manner. That convenience though comes at a steep price, with exorbitant interest rates often trapping people in a cycle of debt. On top of that, payday lenders can hit borrowers with crippling fees if loans are not repaid on time or in full.
Northern Community Bank offers the best of both worlds. Loan decisions within 48 working hours – provided we have received all the necessary information – and interest rates that are extremely competitive rather than eye-wateringly excessive. No hidden fees, no sneaky charges, no stress.
Can I borrow a little more if needed?
Eyeing up that family holiday abroad this summer? Or maybe the time has come to make a start on extending the house. Northern Community Bank offers loans of up to £15,000; each loan – regardless of size – handled in the same, highly ethical manner as everything else we do. The interest rate you see advertised will be the rate you receive, not some clever marketing ploy to attract custom. And we never let our account holders borrow more than they can comfortably pay back, instead working with them to arrange convenient repayment plans tailored to their financial circumstances. You can try our handy loan calculator below.
The simple reason for this – we’re not here to make money. Northern Community Bank is an ethical not-for-profit organisation that serves the local community, not shareholders. From small loans and Christmas Clubs, to large loans and saving accounts, our staff are here to support you.
