HEY Credit Union Spring Update

Spring Loan Sale

We have recently launched our Spring Loan Sale, with interest rates on new loans from £5,000 to £9,999 reduced for a limited period to just 4.9% APR (normally 8.9%). Here’s how this compares with some of the high street banks for quotes of £5,000:

• Halifax – 9.9% APR
• Barclays – 10.9% APR
• HSBC – 6.1% APR

We are also temporarily reducing our rate on new loans from £2,000 and £4,999 from the usual 14.9% to 12.7.% APR.

We want to help people to ‘Beat the Squeeze’ this Spring with this fantastic offer. We know that these are tough times for many people in our area, with prices, energy costs and other bills all going up. Rather than adding to their burden, we are trying to help them by lowering our rates. We are keeping the cost affordable for items such as home improvements, family holidays, vehicle replacement, etc where borrowing is sensible to spread the cost over a reasonable period.

Other features of the Credit Union Difference include:

• Flexible repayment terms tailored to when the member receives their income;
• Interest charged only on the reducing balance (not front loaded as with some lenders);
• Allowing early repayment in full without fees or penalties;
• Helping members to save alongside their repayments.

See the Spring Loan Sale section on our website for more details, and feel free to help spread the word by sharing our posts on Facebook and Twitter!

Stop Loan Sharks Community Fund

The Stop Loan Sharks Team (England Illegal Money Lending Team) have made available grants for local charities, community and voluntary groups, schools and statutory agencies for projects that target illegal money lending.

The Stop Loan Sharks Team are able to fund these grants using money recovered from convicted loan sharks, and it is this funding that made possible the Christmas Bonuses we have paid out to new savers with the Credit union.

See here on their website for more details on the grants and details on how to apply – please pass this on to any groups or organisations that may be interested.