WBR Credit Union launches ‘Winter Warmth Loan’
As the mornings get darker and the weather gets colder, WBR Credit Union is offering members a low interest Winter Warmth Loan to help them with their fuel bills.
The loan scheme has been implemented due the increasing levels of fuel poverty in the locality, with statistics showing that half of the households in Newry and Mourne are experiencing fuel poverty, higher than the Northern Ireland average.
Speaking to Newry Times, Yvonne White, WBR Credit Union Spokesperson said:
“The price of fuel is now one of the greatest cost burdens on local households. Often the first fill of oil, gas or purchase of coal, coincides with a time when people are beginning to think about setting savings aside for Christmas.
“Having to spend such a large part of the household budget on fuel can put added pressure on local families, making late October early November a costly time for many people.”
In response to the needs of the community, WBR Credit Union is offering an affordable alternative to meeting the cost of keeping warm this winter. The Winter Warmth Loan is being offered at a low interest rate of 8% and is available until the 28 February 2013.
The maximum loan amount available to members is £500 and the repayments can be spread over 26 weeks.
Yvonne explained, “If a member borrowed £300 they could make repayments of £11.78 per week for 26 weeks and the total amount they would need to repay is £306.28. Once a loan application has been approved, the WBR Credit Union pays the sum you have borrowed directly to your choice of fuel supplier.”
“The interest rate we offer is much cheaper than many of the short terms loans available to people in the area because the Credit Union is a community owned, not-for- profit organisation which relies on the support of volunteers.
She added, “We would encourage anyone facing financial difficulties due to the high cost of fuel to speak to us before applying for high interest pay day loans.”
For more information on the Winter Warmth Loan visit www.wbrcreditunion.com, call (02841753271) or call in to the office to have a face-to-face chat at 14 Church Street, Warrenpoint.
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