Loans

"Loans ...."

It may be in your best interests to take a loan rather than withdraw savings. Loan repayments are arranged to suit your financial circumstances.

Below is an example of borrowing and repaying a loan of £500 in one year instead of withdrawing £500 from your savings.

After one year the £500 loan is paid off, you still have £500 in savings, plus dividend and interest rebate.

Benefits

• Your savings remain intact
• By taking a loan you are committed to repay on a regular basis
• While repaying your loan you can add to your savings
• All savings and loans of insurable members are covered in the event of death

Interest

Interest on a Credit Union Loan is charged at not more than 1% per month on the reducing loan balance.