We charge different interest rates depending on the amount you have saved in relation to the amount you want to borrow. Our initial APRs range from 6.2% – 42.6% (i.e. 0.5%, 1%, 2% or 3% on the outstanding loan balance at the end of the month). The great news is that we reduce the rate of interest you are charged automatically over the course of the loan as your outstanding loan balance decreases and your savings increase.
You can work out how much the regular repayments on a loan might be by using our our Loan Calculator– this calculation is based on you having at least a quarter of the amount you want to borrow in savings and is indicative only. Please contact us for an individual loan quotation that reflects your specific circumstances.
We need to make sure that every loan is affordable and there are several things that we take into account in making our decision to lend, including:
- how much you have saved in your share account
- how long you have been saving for
- the amount and regularity of your recent savings or loan repayments
- the purpose of the loan
- your income and expenditure (if your payments need to increase significantly).
Unless your loan can be repaid by a pre-existing savings/loan repayment payment pattern, you will be asked to complete a budget. This provides you and the credit union with the confidence that the proposed repayments are affordable.
If you already have a loan and need to borrow more, we may be able to consolidate your loan. Phone us or come into a service point to discuss your needs.
You can complete a loan application form by visiting your nearest service point. Alternatively, e-mail us or leave a message on the answer phone and someone will contact you to discuss your application. We’ll then send you a part-completed form to check and sign.
If you normally save by standing order, you may need to increase the amount to meet your loan repayments. If so, click here.