Rents
Affordable Credit and the Credit Union
The Credit Union can be found at:
382 High Street,
West Bromwich,
B70 9LB
Telephone 0121 553 3110
Website www.sixtowns.co.uk
Sandwell Homes has forged links with the 6 Towns Credit Union to help residents save and obtain affordable credit. Whether you are planning to save for a special occasion or a rainy day the Credit Union can help you. All saving members of the Credit Union (over the age of 18) are eligible to apply for a loan; loans range from £50 to £2,000.
The Credit Union can offer a cheaper alternative to borrowing from doorstep lenders or some high street shops. A comparison is given below for £250 borrowed over 55 weeks.
| Credit Union |
33.62 |
283.62 |
26.8% |
| Provident |
162.50 |
412.50 |
177.0% |
[source www.providentpersonalfinance.com, accessed 9.09.05]
You can save and make loan repayments in a variety of ways including:
• Cash or cheque at the Credit Union office based in West Bromwich
• Cash at all Sandwell Homes Neighbourhood Offices and Cash Offices
• Standing order
• Payroll deduction -your savings are taken straight from your wages and passed to the Credit Union on your behalf (option only available for a selection of organisations)
• Benefit direct (certain benefits can be paid into your credit union account)
Members can also access special services such as a Christmas account and 5% discount on spending at Argos.
Savings and loans are protected by free insurance (subject to conditions) and the Credit Union is regulated by the Financial Services Authority (the same organisation also regulates banks and building societies).
Social Fund / Community Care Grant
You may be eligible to claim for a:
• Budgeting Loan – No interest charges
• Crisis loan – No interest charges
• Community Care Grant – Does not have to be paid back
To find out if you are eligible for any of the above, please contact the Jobcentre Plus for more information on 0845 608 8649.
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