Foundations Furniture Project, NEFirst Credit Union and The Gateshead Housing Company are working together to encourage residents to furnish their homes without getting into long-term, high-interest debt with “rent to own” weekly payment stores.
Foundations offers good-quality second-hand furniture at very low prices – for example £30 for a sofa for low-income households/benefit claimants or around £85 for non-benefit claimants. They also have new furniture and kitchen appliances which can be paid for weekly at a low interest rate.
How it works
Anyone over the age of 16 can call into the Foundations showroom to become a Credit Union member.
Once you’re a member, you can apply for an affordable loan from NEFirst Credit Union to pay for second-hand household items and a growing range of new sofas and flat-pack furniture available at Foundations.
Members and borrowers can then pay in savings as they wish and repay any loan repayments in a variety of ways, including at one of the regular Credit Union drop-in times (3pm until 4pm Monday to Friday).
To find out more about buying from Foundations through NEFirst Credit Union, pop into the Foundations showroom between 9am and 4pm weekdays or call 0191 477 8337. Alternatively, you can visit the NEFirst Credit Union website.
In July 2016 Mrs A applied for a NEFirst Credit Union loan at Foundations Furniture for new household items. She selected a corner sofa, a reclining chair, a dining table with six chairs, a sideboard and a gas cooker.
For goods costing £1,100, Mrs A will pay no more than £1,538 over two years with a NEFirst Credit Union loan (£14.79 each week). However, depending on her circumstances, she may pay as little as £1,521 (£12.03 per week).
High-street weekly payment stores and “rent to own” schemes offering finance on new furniture and electrical items would have charged Mrs A £6,318 by the end of a three-year agreement.*
Foundations have therefore saved Mrs A at least £4,780.
(*Prices based on products that are the cheapest available alternative from local weekly payment store 1/9/2016.)
Visit the Foundations showroom at:
Units 1 and 2 Teams Craft Workshops
Askew Road West
Photo: Victoria Robbins from the housing company’s Rent and Income Team with Father Bill Rooke, Director of NEFirst Credit Union and Foundations Sales Manager Linda Wilde outside NEFirst’s branch on West Street, central Gateshead.