April sees no fools here

Monday 05th Apr, 2021

BAE Systems people could now get same-day payroll loans

Hi!

I hope you had the best Easter weekend possible under the circumstances.

Whilst everything remains closed, at least we were able to get out of the house, take a walk, maybe even meet another household outdoors and share that famous “cup of coffee on a bench”.

Where I live it seemed that home improvements and gardening were the flavour of the weekend as neighbours had new double glazing fitted, skips were being filled with rubbish from household clear-outs and gardens were being jet washed, weeded, mown, and planted for the summer.

Next week sees phase 2 and we should see all the shops re-opening, weddings restarting, and the ability to stay away overnight in self-catering accommodation (jump on to Airbnb perhaps?)

Whatever the guidance at each stage, it’s clear that this summer will look a lot more normal than the past few months and we will be in a position to vent some of the last year’s pent-up frustrations.

Our members are already showing signs of preparing for the summer, with March alone seeing them borrow almost £200,000 for holidays as their confidence increases that they will be going away, whether in the UK or abroad.

They are also looking to sort their finances out, this year so far having borrowed over £250,000 to consolidate higher interest credit into a simple single monthly payment taken directly from their payroll whilst another quarter of a million pounds has gone to those home improvements.

A lot of people have been able to increase their savings, or in some cases perhaps build a savings buffer for the first time during the lockdown. If the last year taught us anything, it’s that you never know what’s coming down the road and you should always keep a savings buffer of a few months of essential expenditure in place. Keeping your savings in place, earning a dividend also reduces the impact of borrowing rates, making our loans even better value.

This month we have made borrowing even easier. We have built Open Banking technology directly into the loan application process. This means that instead of having to provide bank statements and payslips, a simple open banking connection during your application can provide us with everything we need to assess your application so that decisions can be made in minutes rather than days.

Finally, the prospect of same-day Credit Union loans has arrived for BAE Systems people.

I’d like to thank you for your ongoing support of your own, member-owned, not-for-profit Credit Union. I promise that we will be here, to help you to boost your financial resilience for the future and to support BAE systems people in achieving their goals.

 Stay safe

 

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