Apex promotes its Affordable Credit Project at the NIFHA conference
Apex tenants have frequently been obtaining credit through legal and illegal lenders at extortionate interest rates, leaving people in further financial difficulty. Since 2011 the Apex Affordable Credit Project has been attempting to address this by helping people access loans at affordable rates.
Apex secured funding from the Community Foundation for Northern Ireland and worked with Derry Credit Union, the Consumer Council and the local community to develop the project. Through the project, the barriers to Credit Union borrowing have been removed; tenants do not have to have the traditional ‘proposer and seconder’, they are not required to have an established savings pattern to secure a loan and they can access the loan on the same day or the next day.
As well as obtaining loans, users are encouraged to save small amounts each week.
The funding for the scheme has now ceased, but due to its success, Derry Credit Union has decided to continue with it and Apex has now established the scheme in two other areas of Northern Ireland (North Belfast and Newcastle)
If you require any further information or wish to open a credit union account please contact our Financial Inclusion Officer: Michael Lyttle on 02871 304800