Loans

All our loans are based on terms agreed with members to ensure that we are only asking for affordable repayments.

We currently offer 5 types of loans:

  1. Express Loans (34.49% APR)

  2. Standard Loans (19.56% APR)

  3. Saver Loans (16.08% APR)

  4. Loans Secured by Shares (9.38% APR)

  5. Business Loans (19.56% APR)

 

To apply for a loan, you must be a member and aged 18 or over, simply make an appointment to see one of our loans officers to discuss your needs and decide the best way for you pay off the loan.

 

Loan Protection Life Insurance

All members’ loans are covered by our collective life insurance policy, up to the day before their 70th birthday.  Normally the policy will pay off the outstanding loan if a member dies, saving their family from debt worries at a very difficult time.

The cost of this is included in our interest rates, so there is no extra charge to members.

There are exclusions for pre-existing medical conditions, and for members who do not keep up regular repayments.

 

 

Loan Products

Below are explanations of our criteria for each type of loan.

There is a loan calculator for each one which can give you an example of how much a loan of that type could cost.  You can contact us for a more accurate quote, based on your own personal circumstances.

To calculate repayments, move the top slider to the amount you wish to borrow and move the bottom slider to period you wish to take to repay the loan.

Express Loan

Express loans are available to a members who need to borrow before they have had a chance to build up savings. The loan is limited to a few hundred pounds.

The interest rate is 2 1/2% per month, and 34.49% APR.

If this is repaid as agreed, future loans are at a lower rate.

How much would you like to borrow?

£100
£800 £100

Over how many weeks?

13
104 13

£100.00 + £CALC Interest = A weekly payment of

£CALC

Total cost of borrowing this amount from a credit union

£CALC

Borrowing this amount from a doorstep lender could cost you

£CALC

The example given is for illustration purposes only, based on typical APR of 34.49%133.1.

Standard Loans

Standard Loans are available to members who have started to build up savings over a period of time. The amount a member can borrow takes into account his/her saving and loan repayment history and can be up to several thousand pounds.

The interest rate is 1½% per month, 19.56% APR.

How much would you like to borrow?

£100
£10000 £100

Over how many weeks?

13
156 13

£100.00 + £CALC Interest = A weekly payment of

£CALC

Total cost of borrowing this amount from a credit union

£CALC

Borrowing this amount from a doorstep lender could cost you

£CALC

The example given is for illustration purposes only, based on typical APR of 19.56%133.1.

Saver Loans

Saver loans are available to people who have been members for 2 years or more, and who have been saving every month over a period of time. The amount a member can borrow takes into account his/her saving and loan repayment history and can be up to several thousand pounds.

The interest rate on is 1¼% per month, 16.08% APR.

How much would you like to borrow?

£100
£15000 £100

Over how many weeks?

13
156 13

£100.00 + £CALC Interest = A weekly payment of

£CALC

Total cost of borrowing this amount from a credit union

£CALC

Borrowing this amount from a doorstep lender could cost you

£CALC

The example given is for illustration purposes only, based on typical APR of 16.08%133.1.

Loans Secured by Shares

Some members prefer to leave their savings intact, either to gain maximum benefit from our collective Life Savings Insurance policy, or for other reasons. So they take out one of these loans rather than withdraw savings.

The interest rate on is ¾% per month, 9.38% APR. This is available for any loan which is fully secured by the member’s shares, regardless of length of membership or savings record.

How much would you like to borrow?

£50
£15000 £50

Over how many weeks?

13
156 13

£50.00 + £CALC Interest = A weekly payment of

£CALC

Total cost of borrowing this amount from a credit union

£CALC

Borrowing this amount from a doorstep lender could cost you

£CALC

The example given is for illustration purposes only, based on typical APR of 9.38%133.1.

Business Loans

Business Loans are available to corporate members, either businesses or community organisations, or to individual members who are in business as sole traders. We offer both investment loans and cash flow support loans. The amount we will lend takes account of the member’s saving and loan repayment history and can be up to several thousand pounds.

The interest rate is 1½% per month, 19.56% APR.

How much would you like to borrow?

£100
£10000 £100

Over how many weeks?

13
156 13

£100.00 + £CALC Interest = A weekly payment of

£CALC

Total cost of borrowing this amount from a credit union

£CALC

Borrowing this amount from a doorstep lender could cost you

£CALC

The example given is for illustration purposes only, based on typical APR of 19.56%133.1.

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