The pandemic has caused many of us to rethink our futures, either out of choice or necessity, and a growing number of people are starting their own business. Self-employment can be exciting, but finding the money to get things off the ground isn’t always easy. That’s where one of our low cost loans could help.
With the right ideas and support, self-employment can provide an escape from the regular nine to five routine, with the chance to be your own boss. However, starting a new business can be hard work and often involves a financial outlay to get the ball rolling, for things such as equipment, raw materials and a website, which can be a stumbling block for many people. One of our low cost Credit Union loans may be just the solution you need.
We offer loans of up to £25,000 above savings, starting from just 2.9% APR. You can apply for a loan as soon as you join the Credit Union, but often we will reward you with lower interest rates if you have saved with us first. Having saved with us also greatly increases the chances of your application being approved.
To apply for a low cost loan, you must first join the Credit Union as a member. When your low cost loan is approved and, if you are not already a member, you must open your account with a minimum £50 deposit to your savings account.
Credit Union Chief Executive Martin Groombridge said: “We’ve helped lots of people get their own business off the ground over the years and we’re always happy to consider new ventures. For example, we helped one member with a vehicle and other equipment, including a generator, when they set up their new catering business. So, if you’re thinking of starting your own business, why not contact us to see if we can help?”
The granting of a Credit Union loan is based solely on evidence of affordability and, unlike other lenders, we will not judge you if you have had financial problems nor will we encourage you to borrow more than you need or can afford.