The Nottingham Credit Union has recently merged with the Lincolnshire Credit Union to form the Notts & Lincs Credit Union.
Due to the financial impacts of the Covid-19 crisis, a Credit Union is more relevant and more needed than ever before, that is why NCVS is shining a spotlight on the support Notts & Lincs Credit Union can provide to local residents.
What is a Credit Union?
A Credit Union is a member-owned, not-for-profit financial cooperative. The Notts & Lincs Credit Union's focus is on helping people to improve their financial health by providing simple savings and affordable loans.
How can a Credit Union help?
Too many people have little or no savings. This means that when faced with an unexpected bill or a one-off expenditure item, they revert to debt.
Generally, banks do not help with loans of £2,000 or less and therefore many people will use a ‘high-cost credit provider’ – they invest heavily in ‘slick marketing’ or ‘doorstep lending’. This comes at a cost, that local residents pay.
For example, if you borrow £600 from a well-known doorstep lender you will pay back at £21.60 per week x 52 weeks. The same loan with the Credit Union would require reduced weekly payments of £14. The overall cost of the loan with the doorstep lender is £409 more than if the person borrowed from the Credit Union.
A Credit Union loan saves money, eases the strain on the family budget and results in more money being spent in and supporting local communities.
The Notts & Lincs Credit Union wants to help people break the cycle of high-cost credit by encouraging savings in the first instance and by offering affordable loans to people when needed.
Credit Union savings accounts have no minimum deposit or withdrawal. All their accounts are instant access and with a Prize Saver Account members have the chance of winning cash prizes every month (top prize £5,000).
Credit Union: Key facts
- Anyone living or working in Nottinghamshire/Lincolnshire can join
- There are no joining fees or membership fees
- None members can apply for loans, and join if the application is approved
- There is no requirement to save first before applying for a loan
- Most loan applications are processed within 1 working day, there is no need to visit the office, everything can be done online
- The Credit Union is member-owned, members attend the AGM and appoint the unpaid board of directors
Find out more
Notts & Lincs Credit Union is holding a series of video conferences to help people find out more about them.
- What is a Credit Union? Tuesday 1 December 2020, 10am, 2pm and 6pm
Find out more about your local Credit Union and how they can help you or your service users by booking a free place on this video conference.
To reserve a place, please email info@nottsandlincscu.co.uk
For more information about Notts & Lincs Credit Union, visit their website.
