Loan interest rates

Rainbow Saver loan interest rate is now 2% per month on the declining balance (26.8% APR)

Other rates may be available from time to time to members.

Loan Example: Borrow £500

Repay £47.28 per month for 1 year and the interest will be £67.28

Other repayment periods are available – ask for information

Getting a loan

Save regularly for three months

Apply for a loan for up to three times the value of your savings.

After one year’s membership (and regular savings/loan repayments) apply for up to four times your savings’ value

…and after two years membership you can borrow up to five times your savings’ value.

Cash or cheque at a collection point
Standing order through your bank
Payroll membership
From January 2007 you can request a PayPoint card to use at shops and post offices.

You can find an application form on our how to join page.