A NEW £2 million ‘Unlocking Loan’ fund to help people get back on their feet after lockdown is being launched. Bradford District Credit Union will create the fund to offer a new loan to both new and existing members. With the Government’s roadmap for easing restrictions now in place, the credit union will be launching this loan which will coincide with the proposed partial reopening of retail and hospitality. It will feature a low interest rate and will aim to provide affordable financial support for members who have struggled during the pandemic. Applicants will need to be payroll scheme employees, employed members or self-employed members and the loans will have interest rates of 1 per cent per month, 12 per cent per year and 12.7 APR% for any new applications between the £2,000 and £5,000 level.
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Credit Union launches £2m âUnlocking Loanâ Fund to help members get back on their feet post-lockdown
Bradford Credit Union BRADFORD District Credit Union - which covers Craven - is to create a special £2m fund to offer a new ‘unlocking loan’ to both new and existing members. It is specifically aimed at helping people get back on their feet financially as the country comes out of lockdown. With the Government’s roadmap for easing restrictions now in place, the credit union says it is launching the loan to coincide with the proposed partial reopening of retail and hospitality businesses.
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