WELCOME TO CUBE’S BISHOP PETE BROADBENT JOINS CUBE€¦ · PAYDAY LOANS extremely high interest...

NEWS FROM CUBE CREDIT UNION 1Authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No. 216633.

News from CUBE Credit UnionEmail: [email protected] Tel: 020 8756 3864 Internet: www.cubecreditunion.org

Issue #1 March 2014

Welcome to the first edition of our newsletter. There is a lot of exciting things going in the world of money and credit unions and

we are really keen to keep you up to date with what your Board has been doing.

The CUBE team wants to make sure you are kept informed of our activities and here you can read the latest news stories, useful facts and new developments.

We’re always happy to get feedback and comments-please email us on [email protected]

Pete Broadbent the Bishop of Willesden has joined CUBE his local credit union and has encouraged his parishes to promote credit union services in Brent and Ealing.

At a small gathering in Ealing Council Bishop Pete signed up to CUBE in the presence of Annemarie Foster, CUBE’s Vice President and Cllr. Julian Bell the Leader of Ealing Council.

Cllr. Bell a long time member of the credit union said that he was delighted that the Church of England had been so vocal and positive about its support for the credit union which began life 20 years ago with a grant from Ealing Council.

Bishop Pete confirmed his intention of promoting closer cooperation between his parishes and CUBE in the fight against usury and predatory lending which is causing significant financial distress across West London.

BISHOP PETE BROADBENT JOINS CUBELouise Egan, President of CUBE said:- “Support from the Church of England has been extremely beneficial to us and we are delighted that Bishop Pete has been so supportive.

CUBE has been fortunate in getting grant from Brent Housing Partnership in the past and works closely with both Ealing and Brent Councils to promote credit

unions as an ethical alternative to Pay Day and Doorstep Lenders who charge extortionate rates of interest to those on the lowest incomes.

Residents in Brent and Ealing have been hit hard by repeated increases in fuel prices and ordinary residents are being pushed into poverty as benefits are cut and those in employment see their wages shrink.”

From the left: Bishop Pete Broadbent, Annemarie Foster and Cllr. Julian Bell

WELCOME TOCUBE’S NEWSLETTER

Credit UnionBrent & Ealing

CU BE

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2 NEWS FROM CUBE CREDIT UNIONAuthorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No. 216633.

Loans from CUBE have several advantages when comparing to other lenders.

We charge interest rate on the reducing balance of a loan, so each time you make a payment, you owe less therefore we charge you less.

*members will have to save as they repay the loan. Saving with your credit union will reduce the need to borrow over time.

This makes our loans extremely competitive plus we have other advantages such as no set up fees, no early repayment charges, flexible repayment terms and most importantly you build up your savings while paying off your loan. You can apply online or download the application form online at www.cubecreditunion.org and send it to us by email, fax or post.

Typical Interest rate (APR)

Weekly Repayments

Total Interest

Saving on Interest

Value of your extra savings end of period*

Credit Union 26.8% £10.84 £63.68 £346.47 £360Door to door lenders

272.2% £17.50 £410 - -

LOANS FROM CUBE

COMPARE THE COST OF BORROWING

Typical example of £500 loan borrowed over 52 weeks.

Email: [email protected] Tel: 020 8756 3864 Internet: www.cubecreditunion.org

It has been very prominent in the press lately about Pay Day Lenders monopolising the short term lending market with

CUBE IS TAKING ON THE PAY DAY LENDERS!

SAY NO TOPAYDAY LOANS

extremely high interest rates charged. Why pay high interest rates over a Pay Day lender when you can get a simple affordable loan from your credit union?

CUBE gives our members the opportunity to manage their own money and when times get tough they can apply for a loan

from CUBE- the credit union that promotes financial sustainability while encouraging saving as an integral part of the package.

Mary only recently joined CUBE and was paying into her account through a deduction from her payroll.

When she needed help with her daughter’s wedding expenses we were happy to give her an “Introductory Loan”.

“I did not have good credit rating and thought I will give the application a go.

I was asked questions about

my previous credit history. I explained I was the main income earner for my family and gave explanations about the cause of my bad debt history. Within hours I was given the approval for the loan.

I felt as if I had won the lottery, for the first time in years somebody actually understood me.

I was then approved a second loan within months.

INT

RODUCTOR

Y L

OA

N APPROVED!

HOW I JOINED CUBE, MARY'S STORY

CUBE really understands the individual needs of their customers and I truly appreciate your support.”


NEWS FROM CUBE CREDIT UNION 3Authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No. 216633.

DON’T... Forget to complete a new

standing order form or payroll deduction form if it looks like you need to pay more.

Forget to make regular payments. People with good credit history and good payment records make it easy for us to say yes in future.

Give us statements of a bank account with no salary going in and no bills payments coming out.

WHAT TO DO WHEN APPLYING FOR A LOAN FROM CUBE... ✘THINGS YOU MUST DO... If you apply for a loan greater than £1000, provide us with two months

of your most recent bank statements.

Decide what repayments you can afford to make and talk to us about the term of the loan that you want.

Be aware that you will need to continue saving while repaying your loan.

Sign the Loan Application and remember to tell us the reason for the loan.

Be honest about your income and expenditure and “fess up” to any bad debts or arrears you may have had in the past. We will credit check so you may as well come clean. Having had bad credit in the past doesn’t necessarily mean we will refuse your loan.

1. Pay yourself first. Save, save, save! The best way is to set up a standing order with direct deposits to your credit union savings account. By making it automatic, you will avoid the temptation of spending.

2. Pay off bad debt. You can save by paying down the debt that has the highest interest and then work your way down. Remember to always make your payments on time.

MONEY SAVING TIPS...

Here are some simple budgeting tips, tricks and hints to help you save money and cut costs

3. Stop overspending. Credit cards are super convenient but their ease of use can also lead to overspending. Consider dropping them in a plastic bag with water and freezing them. It will be easier to resist an impulse purchase!

4. Stick to a budget. Know exactly where your money is going and where you can make improvements. You can always seek financial advice from the Money Advice Service, simply give them a call on 030 0500 5000.

5. Manage your credit. Check your credit report at least every six months to make sure it’s accurate.

6. Improve your credit score. Make at least a minimum payment-preferably more - and pay on time.

7. Save more. Cut unnecessary expenses. Look for bargains. Sell things you don’t need - hold a car boot sale or put them on eBay.



4 NEWS FROM CUBE CREDIT UNIONAuthorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg. No. 216633.

CUBE is a member owned and managed financial co-operative. Once you join you become a member and can have a say in electing Directors. CUBE is regulated by the FCA and your savings up to £85,000 are

Our members can access their accounts online at:-www.cubecreditunion.org to check their balances and apply for loans and share withdrawals. Simply go onto the website and request a pin number which will be sent to you by post.

Don’t waste stamps and petrol running to the post office to mail your forms to us.

Give us your e-mail address and help us move towards paperless communication.

You can send us an email to [email protected] so we can update our records. You will also be able to enjoy the benefit of your loans and share withdrawals being processed much quicker.

SPREAD THE WORDAs we know it can be hard to get small and affordable loans especially if you are not employed, so make sure you let your family members and friends know about our credit union. You could help them save hundreds of pounds in high interest payments to pay day, doorstep and high street lenders. Remember the bigger we get the better we get and the more we can lend.

WE HAVE MONEYTO LEND!After years of risky lending many banks are now tightening their credit standards making it difficult for many customers to obtain loans. Not us though, at CUBE we have plenty of money to lend! We don’t have to change the way we do business, because we’ve always offered smart, secure financing options.

While many lenders use credit scoring to judge a borrower’s

protected under the Financial Services Compensation Scheme.Credit unions have to put members’ savings into bank deposit accounts and other secure investments such as government bonds. This ensures members can withdraw savings when needed.

ability to repay a loan CUBE prefers to use a combination of bank statements and a credit check. We never forget that the money we lend is our members’ savings.

No matter what type of loan you are looking for, be it for a holiday, to buy or repair a car or for home improvements. CUBE has a low rate option to suit your needs.

Apply for your loan online at www.cubecreditunion.org or call us for application form on020 8756 3864.

ONLINE ACCOUNT ACCESS

CONTACT USAll forms that members will need are on our websitewww.cubecreditunion.orgSimply download and send them to us by email to [email protected] Remember you can always apply for loans and take share withdrawals online.

CUBEBungalow, Pinkwell LaneHayes UB3 1PE

Tel: 020 8756 3864Fax: 020 8573 [email protected]

In partnership with:


FINANCIAL SERVICES COMPENSATION SCHEME


WELCOME TO CUBE’S BISHOP PETE BROADBENT JOINS CUBE€¦ · PAYDAY LOANS extremely high interest...

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