Interest free loans for NHS workers

New service to help those helping save lives. 

Bristol Credit Union have announced a new zero interest loan service for NHS workers. The new loans have been specifically designed to support those NHS workers who face unexpected costs or who can’t afford essentials during Covid-19. An example of this would be an NHS employee who needs a loan to fix a broken down car, or to buy a moped or bicycle to get them into work every day.

NHS workers will be able to apply for the loan from Monday 30th March and this is the latest in a series of financial measures set out by Bristol Credit Union to support the city region economy during the crisis.

Commenting on this development, James Berry, CEO of Bristol Credit Union said:

Yesterday, during our first ever online board meeting, we agreed that as a credit union, we were in a unique position to act quickly to support our vital NHS workers during this unprecedented strain on health services.

"People working on the frontline of the NHS should be able to do their jobs without having to worry about managing unexpected financial strains or the impact of interest rates during this difficult time. At Bristol Credit Union, we stand with the NHS staff who are working tirelessly, day and night, to keep us well. If you know of anyone who is an NHS worker who would benefit from this type of loan, I urge you to tell them about what Bristol Credit Union is doing for them.”

 

In addition to supporting NHS staff, Bristol Credit Union is planning to offer new support to local people who are facing financial vulnerabilities due to Covid-19. The credit union will be supporting self-employed workers who qualify for government support, offering reduced-interest loans which bridge the gap between now and when the government support is available in June. They are also working on a new loans service from £100 upwards with reduced interest rates and flexible loan repayments, allowing 3 month payment deferrals as standard.

The special support loans for NHS workers carry no interest at all for the lifetime of the loan and there are no fees or charges to pay either. The loans will be subject to affordability checks, and are targeted at essential current needs.

 

Bristol Credit Union CEO James Berry continued:

There really is no catch. If you’re helping save lives in the NHS then we want to help you with whatever urgent financial need you might have. If you promise to pay us back, and can afford to, then we will help with no fees or charges at all

The credit union has also made membership free during the current crisis, and has offered existing borrowers who have suffered financially either reduced loan payments or complete payment holidays to help support them.

Published by
Team BCU
Posted on
02 April 2020