People in Northampton on low incomes now have the opportunity to apply for an affordable loan with no catches. Northampton Credit Union – recognising the difficulties faced by those who are financially excluded – has secured funding to run this scheme.

The Delta Loan Scheme is designed to help people who struggle to get affordable loans and may be tempted to rely on doorstep lenders or loan sharks to cover unforeseen expenses.

Northampton Credit Union wants to team up with partners to deliver this scheme to those that are most in need.

The scheme offers loans which can be used to for a range of things including spreading the cost of buying school uniforms, or covering the cost of emergency repairs, like for instance when a washing machine breaks down.

Northampton Credit Union will also consider applications to pay off more expensive loans, or pay for rent deposits.

All loans need to be applied for. Loans are usually less than £600 and repayable over one year. They are offered on very comparable rates.

For example, a comparison of interest rates and loan payment for a loan of £300 are:

Lender Weekly payment No of Weeks APR Total Interest charged Total amount repayable
Provident £10.50 52 272.2% £246.00 £546.00
Greenwoods £9.60 55 220.9% £228.00 £528.00
Shopacheck £10.50 50 254.5% £252.00 £525.00
Delta Loan £9.00 36 26.8% £26.28 £326.28

Over the past 10 years Northampton Credit Union have loaned close to £1.75 million to members. Regulated by the FSA, our main service is to offer easy ways to save, from as little as £5 per month, as well as provide affordable loans. As a financial co-operative there are no external shareholders to satisfy, so we appeal to those looking for a more ethical alternative to mainstream banking services. Please see the information leaflet attached for more information.

Our Office is based with the Citizens Advice Bureau on the 4th Floor, Town Centre House, Mercers Row, NN1 2QL.

If you need a loan but have been refused credit, or are on a low income, there is still local access to affordable finance. Telephone 01604 837117 today for an appointment.