#FinCapweek – Affordable Credit and the Credit Union
The Affordable credit project with Derry Credit Union has been very successful and has helped many of our tenants get access to mainstream credit at an affordable rate.
Since the start of the Affordable credit project with Derry Credit Union, Apex tenants have been able to access over £60,000 in affordable loans as well as accumulating approximately £24,000 in savings. These loans have been invaluable for some of our tenants who previously may have been charged anything from 300 to 5,000% APR.
Some of the benefits of a credit union account include:
• Flexible & Convenient loans
• Attractive dividend on savings
• Life savings insurance scheme
• No fees
• Pay by standing order
Interest rates with the credit union are very competitive compared to well-known door step lenders and pay day loan companies and could result in hundreds of pounds of savings in interest charges alone. An example of this is shown below:
If you would like to join the credit union please contact our Financial Inclusion Officer, Michael Lyttle, on 02871304800 and he can complete an application on your behalf and arrange an appointment with Derry Credit Union.
