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Why is a Credit Union Loan better?

  • Loans are insured at no direct cost to the eligable member
  • No hidden fees or transaction charges.
  • Repayments calculated on the reducing balance of the loan, meaning smaller intrest payments as you repay your loan.
  • Repayment terms to suit your particular circumstances.
  • Flexibility -you can repay the loan earlier or make larger repayments than agreed with no penalty.
  • Additional lump sum repayments accepted with no penalty.

How much does a loan cost?:

Interest is calculated on the reducing balance of the loan at the rate of 1% per month

Interest payable per week at 1% per month the amount of the  
loan outstanding at that time 
A.P.R = 12.68%
Principal Interest Principal Interest
£0 - £4.36 NIL £200 45p
£4.37 - £8.72 1p £300 68p
£8.73 - £13.09 2p £400 91p
£13.10 - £17.45 3p £500 £1.14
£17.46 - £21.82 4p £600 £1.37
£21.83 - £26.18 5p £700 £1.60
£26.19 - £30.55 6p £800 £1.83
£30.56 - £34.91 7p £900 £2.06
£34.92 - £39.28 8p £1,000 £2.29
£39.29 - £43.64 9p £1,100 £2.52
£43.65 - £48.01 10p £1,200 £2.74
£48.02 - £52.37 11p £1,300 £2.29
£52.38 - £56.74 12p £1,400 £3.20
£56.75 - £61.10 13p £1,500 £3.43
£61.11 - £65.47 14p £1,600 £3.66
£65.48 - £69.83 15p £1,700 £3.89
£69.84 - £74.20 16p £1,800 £4.12
£74.21 - £78.56 17p £1,900 £4.35
£78.57 - £82.93 18p £2,000 £4.58
£82.94 - £87.29 19p £3,000 £6.87
£87.30 - £91.56 20p £4,000 £9.16
£91.57 - £96.02 21p £5,000 £11.45
£96.03 - £100.39 22p £7,500 £17.18
£100.40 - £104.75 23p £10,000 £22.90

 

Who is eligable for loan protection?

Any credit union member is eligible for Loan Protection insurance provided:
the borrower has not reached their 80th birthday (or 70th birthday in the case of some credit unions)
the borrower is actively at work or able to carry out normal occupational duties if not working, the borrower is in good health.