Message from Jason Eaves, Notts and Lincs Credit Union
Throughout the Covid crises the Credit Union has continued to help residents with Simple Savings and Affordable Loans.
The Credit Union is member owned and not-for-profit.
Many residents will borrow from a high-cost credit provider or worse an illegal loan shark, for example:
- Loans2Go – indicative interest rate 1013% APR
- Everyday Loans – 73% Fixed
- Provident – 299% APR
This results in them paying back far more than they need to.
For example, borrow £600 from The Provident and repay over 52 weeks, repayment is £21.60 and total amount to repay is £1123
The same loan from the Credit Union would require payments of £14 per week, the total amount to repay is £728, A SAVING OF £395.
On the 1st December we are hosting a series of Video Conferences, these are open to anyone in who is either interested in finding out more about the Credit Union for themselves or because they work with/support people who may benefit from becoming a Credit Union member.
The sessions will last no more than 40 mins and will comprise 20 mins update and 20 mins questions/open discussion.
If you would like to attend, please email firstname.lastname@example.org with your name, organisation, and preferred time (10am, 2pm, 6pm).