We are ethical lenders, offering our members competitive interest rates...
We provide loans to our members
Our Credit Union has set the cost of borrowing at no more than 1% per month on the decreasing balance of the loan. In some instances the interest rate is lower for larger loans. That is equal to a yearly percentage rate of (APR) of 12.68% will cost only £6.24 in interest. There are no hidden costs and no early settlement costs.
| One Year | Two Years | |||
| Loan amount | Weekly Repayment | Total Interest Paid | Weekly Repayayment | Total Interest Paid |
| £100 | £2.50 | £5.02 | £1.50 | £8.71 |
| £200 | £4.50 | £11.20 | £2.50 | £21.25 |
| £300 | £6.50 | £17.52 | £3.50 | £34.54 |
| £500 | £10.50 | £30.19 | £5.50 | £61.62 |
| £1000 | £20.50 | £61.96 | £11.00 | £125.18 |
From May 2021 there will be a new loan policy. Please contact the main office for details.
The main changes are: Members with a proven loan repayment or savings history now qualify for 5 times share to loan qualification. Maximum loan available £15,000.00 above shares balances. Members are now required to provide up to date (no more than 3 months old) proof of income and proof of address on collection of all loans. Top-up loans are no longer limited to two loans in any one year. Under 21's secure loans only unless already had previous loans and then they will remain on that policy until over 21.
UNSECURED LOAN
Loans up to £10,000.00 12.68%
Loans £10,000.00 and above 10%
Click here to see our Loan Policy.
SECURE LOANS
We also offer competitive rates on secure loans
£2000.00 - £5,000.00: 10%
£5,000.00 - £7,500.00: 8%
£7,500.00 and above: 6%
Members that are saving towards a loan are only allowed to deposit up to £100 per week in line with the loan policy (bulk payments won't be taken into consideration). All loans are at the discretion of Credit Committee based on record of payment. If your circumstances ever change, please do not hesitate to contact us. We are always happy to listen and help.
Free Loan Protection Insurance (Please read about this in our insurance section.)
New Personal Budgeting Loan.
Members with an established record of payment can now apply for a separate loan of up to £500.00 that is not based on share balance. Loans payable at £10.00 per week loan can be topped up every 10 weeks.
Ask staff for details conditions apply
Click here to use a simple calculator to see the cost of borrowing.
