A banking boom in Farnham will give a helping hand to residents who face difficulty accessing credit.

Boom Community Bank has linked up with Farnham Town Council to launch a No Interest Loan Scheme (NILS).

The scheme aims to support residents in meeting essential expenses, emergencies and unexpected costs without the burden of high interest rates.

Residents who may struggle to secure a deal with a High Street bank can apply for a fair, no-interest loan from £300 to £1,500 through the scheme, which aims to address a critical need for local and accessible, no-cost borrowing.

Applicants must be aged 18 or over and should reside in one of Farnham’s designated electoral wards: Badshot Lea, Moor Park, Bourne, Castle, Hale, Shortheath, Firgrove, Weybourne, Wrecclesham and Rowledge.

Residents must not currently hold a loan with Boom Community Bank, or had an active Debt Relief Order or County Court Judgment within the last six months.

“This initiative, made possible by FTC’s support, enables us to deliver crucial financial assistance to those who need it most,” said Mark Jasper, Boom CEO.

“Our no-interest loans are designed to empower residents with a safe, affordable solution that promotes financial stability and resilience.”

Councillor Graham White, said: “We are very supportive of this pilot to offer no interest loans to Farnham’s residents.

“Anybody can fall on hard times whether that be because they have lost their job or cannot work due to illness.

“The scheme aims to offer a lifeline during times of hardship and is an alternative to borrowing from loan sharks at exorbitant rates of interest.

“It is also worth noting that one of the benefits of the Boom Community Bank is that they offer a financial literacy education programme which requires borrowers to become savers.”

For details visit https://boomcb.org.uk/loans/farnham-nils