Credit Union offers loan to help people pay for heating

Banbridge Credit Union has launched a tailored loan to help local people purchase heating oil.

In recent times, more and more people are having to borrow to meet the costs of everyday life and with the costs of home heating fuel continually on the rise, even heating your home can be an expense that breaks the budget.

With a short term loan of up to £500 from Banbridge Credit Union Ltd, at a reduced rate of only 7.23% APR, members can spread the costs of heating their home, taking away the pressure of finding the full payment when you need to purchase home heating oil. Because the repayments are spread out over a short-term period, you can have your loan repaid in time to borrow for your next heating oil fill.

Seana Lennon Manager of Banbridge Credit Union Ltd said: “Banbridge Credit Union has been lending to our members in this community for 45 years.

“And as we have grown, the services we can offer to our members have evolved and developed to best support their needs. “This was the driving force behind our Winter Warmth Loan Scheme.

“Our Winter Warmth loans are offered at a reduced rate of interest, meaning the cost of borrowing over the term of the loan is minimal.

“And the ability to spread your repayments over a 6-month term will take the pressure off for many households,” she concluded.