Credit Union give Salvation Army a boost

Manager of Ballymena Credit Union, Paul Patton said: “The Salvation Army Christmas Appeal plays a very important role in bringing some relief to hard pressed families at this time of year.

Christmas can be a very difficult and stressful time of year especially given the current economic climate. At the Credit Union we have seen a significant and worrying use of Pay Day Loans and also licensed and unlicensed doorstep lenders.

W have discovered that many people in Ballymena are not aware of the Credit Union and the role that it plays. We are very careful to ensure that people only borrow within their means and the repayments terms can be adjusted to suit the members requirements.

Including the option of weekly, fortnightly or monthly payments and the ability to overpay or pay off your loan early without any penalties.

A £500.00 borrowed from the Credit Union paid back weekly over 1 year would cost £10.21 per week with a total repaid of £530.83. The same amount of current doorstep lender would cost £17.50 per week with total repayments of £910.00.