Home  Borrow Loans NBCCU, the better choice
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v4.JPG "Image") When it comes to money there are always times such as school holidays or Christmas when you could do with a bit extra. When leaflets from doorstep lenders come through the letterbox it is easy to think there is no other choice.
Doorstep Lenders
Borrowing £200 in vouchers to be paid back in 50 instalments at £6 per week doesn’t sound so bad until you realise that by the end of twelve months you have paid back a massive £300 that is an extra £100 you could have spent on yourself and your family or put towards a holiday or household bills.
High Street Lenders
High Street Lenders such as cheque cashers and other pawnbrokers that give cash until payday charge very high rates of interest.
You give them cheques for £200 which they keep for up to 30 days and in return they give you £176. If you can’t afford to pay them back at the end of the month they charge you another £24. Over a year for the £200 you borrowed you could end up repaying a massive £488 that is an extra £288 you could have spent on yourself or your family’s needs.
These are just two good reasons to use a credit union.
North Birmingham Community Credit Union (NBCCU)
NBCCU offers low cost loans for people who live or work in this area.
After three months, members can apply for a first loan up to one and a half times their savings. After the first loan is repaid, the loan limit is three times your savings.
We also offer help with budgeting and bill payments.
Borrow £200 over 50 weeks and pay back just £4.09 per week. That is a mere £12.43 in interest, allowing you to save as you spend.
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