PLEASE NOTE THAT YOU ARE BORROWING YOUR FELLOW MEMBER’S MONEY – DO NOT APPLY UNLESS YOU COMMIT TO REPAY THEIR TRUST IN YOU!!
You are eligible to borrow after a good savings pattern over a minimum of 3 months following membership. You can borrow up to 2 times your shares over a period of up to 5 years at 0.75 % per month (9.53% APR).
If you wish to borrow more than the amount stated above, you will require a guarantor who is a current member of the Credit Union with savings to guarantee the additional borrowing.
- Loans are available to members, both in employment and those in receipt of benefits(income support)
- There are no arrangement or setup fees
- Interest is charged on a daily basis – this means that as your balance decreases the interest payments
decrease too. This is different from how most traditional lenders work
- No early redemption penalties if you decided to pay off your loan early