Neath Port Talbot Credit Union
For safe savings and affordable loans
Credit Unions are currently experiencing a large
increase in savings and members. The Neath Port Talbot Credit Union
opened 123 new accounts in November 2009, and the amounts people
are saving are also increasing, the total is now rapidly
approaching £400,000.
The Credit Union is a not for profit saving and loan
cooperative, owned and operated by its members.
To qualify for membership, you must live or work in the County
Borough. Even if you work in Neath Port Talbot but live in Swansea,
all persons in your household qualify for membership. It costs only
£1 to open an account.
It is often the people who can least afford it who pay the
highest interest simply because they have taken out a loan from
Doorstep Lenders. In the past they were often the only place that
people could borrow money. However, there are other more low cost
options available now which offer both saving and borrowing to
all.
In 2010 the Government is introducing the
Saving Gateway Scheme. It is for people of working age who are
on lower incomes, and aims to help kickstart a saving habit. The
Government will add 50p for each £1 saved into Saving Gateway
Accounts. You will qualify for an account if you get certain
benefits or tax credits. However, it is going to be extremely
hard for people on low incomes paying Doorstep loans with high
interest rates of maybe 254% APR, to be able to save.
Make a start on saving now by joining the local Credit
Union. You can then save as little as £1 each time. If
you become a regular saver with your Credit Union, you will in the
future be able to apply for a loan at 19.6% APR.
As a simple example:
Doorstep Lender £300 loan over 50 weeks = £525
paid
Neath Port Talbot Credit Union £300 over 50 weeks =
£327.20 paid
For more information, please contact a member of the team on
01639 632100 or 632225, or email b.warlow@nptcu.co.uk
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Last Updated: 08.01.2010 at 14:12