Loan interest rates

The credit union currently charges 1% per month for loans.

(12.7% APR) This rate is charged only on the declining balance of the loan.

For example the total interest payable on a £1000 loan repaid weekly over a period of one year would be £62.13.

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.