Features / Banks
Borrow Local and support Bristol
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Perhaps you are dreaming of a family adventure, a new (to you) car, or that bathroom makeover that will turn your space from functional to fabulous – the good news is that there’s no need to put it off.
With rates from 4.9% APR representative for loans of £7,500+, Bristol Credit Union are making it more affordable than ever to finance your dreams and have a positive local impact.
CEO of Bristol Credit Union James Berry says: “Anyone familiar with how credit unions work will know that when people save with us, we can create affordable loans for people who need them. But they might not know that choosing Bristol Credit Union for their borrowing, instead of a bank or other commercial lender, means we can make more of a difference to the work we do for our local communities – and boost the local economy.”
4 reasons why it pays to Borrow Local
Borrow local and your money stays local
is needed now More than ever
When you take out a Bristol Credit Union loan, the interest you pay isn’t destined for the pockets of distant shareholders. Because they are a not-for-private-profit cooperative, your money stays in the local community – helping to provide fairer banking services; offer small loans to those who need them at much lower rates than loan sharks, payday lenders and others; and to pay returns to encourage local savings.
Investing in the community
South Bristol Sports Centre
BCU also invest in local projects and initiatives that share their values on behalf of their members. Last year they were able to help South Bristol Sports Centre create six new all-weather five-a-side football pitches, and help Bristol Energy Cooperative become one of the UK’s largest generators of community energy.
Doing more to keep money local
As well as supporting local people and communities, BCU are proud to provide Bristol Pound accounts, furthering their commitment to help people spend locally and make the city’s economy stronger.
Over 80% of the money BCU spend each year is spent within our local community, reinforcing the benefit of switching your borrowing from a bank where it might be 10% at the most. For every pound you pay in interest over 80p of it will be spent locally, versus less than 10p if you borrow from a bank
Competitive interest rates
BCU offer loans from £100 – £15,000, with rates as low as 4.9% APR representative for loans of £7,500 +*. Interest rate is fixed and you can choose to repay weekly, fortnightly or monthly, with no late payment or early-repayment charges.
James Berry says: “Bristol Credit Union have been supporting local people and organisations across Bristol for over 20 years, by providing easy, ethical ways to save and borrow.
We currently serve over 10,800 members, and look after over £5.8million of savers’ deposits. In the financial year 2015/2016, we were able to help over 3,000 borrowers, borrow 3.75million at affordable rates”.
Membership to Bristol Credit Union is open to who everyone who lives, works, volunteers or studies in Bristol, Bath, South Gloucestershire and North Somerset. Membership costs £3.50, and once you become a member you can start saving or borrowing straight away.
You will also have a voice in how the credit union runs and develops, a vote at the AGM, as well as opportunities to become a volunteer or join the Member Forum.
To find out more, visit bristolcreditunion.org/borrow-local or pop into their branch in Stokes Croft.
Bristol Credit Union: 112 Cheltenham Road, Bristol BS6 5RW, open 10am-2.30pm, Monday-Friday.
Web: bristolcreditunion.org
Email: [email protected]
Phone: 0117 924 7309
Representative example *
Borrow £7,500 from Bristol Credit Union and repay £224.11 for 35 months followed by one payment of £224.07. The total amount payable (including interest of £567.82) is £8,067.92. 4.9% APR representative.
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