The High Debt Cost of Fast Credit
Fast Credit seems so easy at the time, doesn’t it? Just pick up the phone or with a few clicks of the mouse and the moneys in your bank in 15 minutes, but what about the debt price that you end up paying for that convenience?
National Debt advice service Stepchange are reporting rising levels of personal debt, with the average age of those in debt decreasing, and the regular use of payday lenders to cover household bills increasing. They are also calling for the increase of ‘affordable credit’.
Well…… Credit Unions are all about affordable credit!!
The maximum a Northern Ireland Credit Union can charge you in interest is just 1% per month on a reducing balance, so lets look at a comparison between us and typical payday and doorstep higher interest lenders.
|Amount Borrowed||Weekly/Monthly repayment||Duration||Interest payable||Total Payable|
|Typical Payday Lender||£500||£165.53 per mth||6 Months||
|Typical Doorstep Lender||£500||£30 per week||26 weeks||
|Slemish n tha Braid Credit Union||£500||£20 per week||26 weeks||
It’s a no brainer, isn’t it?
At Slemish n tha Braid, we love getting to know our members and we hope they enjoy getting to know us as well. We recommend getting into a good savings habit before applying for a loan, and offer convenience in the form of Standing orders and Direct Debits, you can even make payments if you do your own home internet banking.
So what are the advantages of a credit union loan?
- No set up fees
- Easy to understand with no jargon involved
- A quick decision- from application to payment can take as little as 48hrs
- Payment can be straight into a bank account
- Tailored to our members affordability
- Members build up their savings while borrowing
- No early repayment fees
- Free loan insurance
- No appointment needed, just call in and speak to one of our staff who can help
The purpose of a Credit Union is simple, allowing members to save money and access low interest rate loans, and with their ‘not for profit, for people’ ethos, members are rewarded with an annual dividend.
Call Tracy and the Team today on 028 2564 8641
Visit Us at The Raglan, 20-24 Queen Street, Ballymena, Co. Antrim, BT42 2BD (See Opening Time HERE)
Download a Member Application Form and Email or Bring it into the Branch and we will review it with you.
For information on loans, and to download a form, click here.
See you soon,
Slemish n tha Braid Team 😉