Nottingham Credit Union has launched a new loan account for young families.
Jason Eaves, The Manager at Nottingham Credit Union said: “We know many families face unexpected bills or have to buy furniture or domestic appliances”
“Many families will take on loans that cost more than they should. I want to ensure young families in Nottingham and Nottinghamshire avoid the loan sharks, the high cost lenders and payday loans.”
Credit Unions are not-for-profit cooperatives owned and controlled by their members.
The Nottingham Credit Union started in 1992 and has offices on Maid Marian Way, Nottingham and Clumber Street, Mansfield.
“Nottingham Credit Union exists to provide an alternative to high cost lenders. We aim to lend responsibly at reasonable rates and in a way that doesn’t exploit our members (and in particular members who are financially vulnerable)”
- Family Loans can be for any purpose.
- Loans from £100 to £600.
- Term from 3 to 12 months.
- Interest rate 3% per month (APR 42.6%).
- No arrangement fee, no early repayment fee.
- Applications can be made online at www.nottinghamcu.co.uk or in branch at Maid Marian Way, Nottingham or Clumber Street, Mansfield
- Applicants must be in receipt of child benefit for the duration of the loan and agree that this is deposited into their Credit Union account.
- Applications will be assessed and credit scored.
- People who are not currently members of the Credit Union can apply; they will need to become members before they draw the loan if agreed.
Nottingham Credit Union offer a range of loans for any purpose.
69 Maid Marian Way
3 Clumber Street
Mansfield Town Centre