Discounted, low interest bike loans available

Cycling City York, North Yorkshire Credit Union and local cycle retailers are working together to provide affordable, low interest loans and a special discount to those who’d like a bike but can’t find the spare cash.

Each loan will cover the cost of buying a suitable bike from a reputable, local retailer, along with a good lock and a set of lights. Participating retailers are offering a six per cent discount to those buying a bike through the scheme.

Graham Titchener, programme manager for Cycling City York said: "Maybe you need a bike to travel to and from work? Or, perhaps, you've never ridden one before but would like to give it a try? Whatever the reason, if you're struggling to afford a bike of your own, a discounted bike loan could be the answer."

 

Anyone over the age of 18 can apply, regardless of cycling experience or ability. Those under the age of 18 will need to ask their parents or guardian to submit an application on their behalf.

A number of local cycle retailers have joined the scheme and they will make referrals to North Yorkshire Credit Union on behalf of customers who need a loan to buy a bike. To apply, you will need to become a member of North Yorkshire Credit Union and complete a loan application form.

 

Mike Horncastle of North Yorkshire Credit Union, said: "Each applicant will have their financial circumstances assessed before a loan can be approved. By becoming a member of North Yorkshire Credit Union, you'll be able to access a wide range of additional savings, loans and insurance services."

 

The maximum loan available is £600 and all loans provided will be charged at one per cent interest per month (12.7 per cent APR) based on the reducing balance.

 

For more information and an application form, contact North Yorkshire Credit Union on 01904 676633, or visit one of the following websites: North Yorkshire Credit Union - www.nycu.org.uk  or Cycling City York www.cyclingcityyork.org.uk

  

Posted: 06/08/2010

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