You can borrow up to £1000 as a new account holder with our Forward Thinking Finance, and we want to help you get on the road with a new set of wheels.
Do you cycle down our potholed Mancunian roads or do you prefer a trip out to the Peak District to ride in the hills of the British countryside?
My preference is the road, but I am partial to the odd ride on my mountain bike as well. I know a little about bikes – I would even say that cycling has become a refueled passion of mine which is immersed in excitement and nostalgia as I commute to work on my bike. Fill your life with adventure, as the ten year old boy from Stockport did as he explored the confines of my estate (and beyond but please do not tell my mum).
I see cycling as a passage to better health both physical, mental and financial. But I am not going to give a passionate debate on why we should all cycle more.
South Manchester Credit Union Loan
Buying a bike is not cheap, but it does not have to be expensive either. You can purchase online, both new or used, maybe take a look at local bike dealers or even see if a friend is considering shifting their two-wheeler. I have linked another blog that goes into more detail on sourcing your new bike.
We consider ourselves as forward thinking when it comes to finance. Our welcome loan can help you get on the road quickly and easily.
Applying for a Welcome Loan is easy. Open an account with us and one of our team will guide you through your application – the best way is to message on our secure messaging app Nivo.
How it works
You can apply for between £150 – £1,000.
A Welcome Loan has an annual interest rate of 36% (ARP 42.6%) which is calculated based on the reducing balance. We aim to make repayments as comfortable for you as we can. But the more you pay – the faster the balance is settled, which means you will accumulate less interest on the loan.
Let’s have a look at an example if you borrowed £300 for a bike.
If you borrow £300 and pay £10 per week – you will repay your loan over 38 weeks. That means you would be charged £37.77 interest (total repayable £337.77) over the period of your loan.
All loans are subject to a credit check as well as an assessment of your finances.
Why choose South Manchester Credit Union
Our mission is to offer South Manchester affordable finance.
We want our community to cooperatively work together – we do not make a profit for third-party shareholders. We are a not-for-profit, our mission is to contribute to collective development of stronger communities in South Manchester.
Any interest that we earn from our loans is invested back into the credit union and may be returned to account holders as a dividend.
It is only right that we are fair with our lending which has been recognised through our Fairbanking award. We apply human decisions to every loan application which is the way it should be.
The rest is up to you, enjoy the ride!