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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email: info@credit-union.coop

Fri 18-Aug-2017
Loan Calculator
Type of loan
Full descriptions of each loan product appear further down this page.
Type of LoanLoans Sum Range *All APR interest rates stated are charged
on the reducing balance of the loan.
Saver Loan(Min £1001 - Max £20,000)12.7%
Instant Saver Loan(Min £1001 - Max £20,000)19.7%
Homeowner Loan(Min £7,500 - Max £20,000)

2.9% to 9.9%
(we will beat any formal bank offer within this range!)

Flexi Loan(Min £1 - Max £1000)26.8%
Security Loan

(Within the balance of your savings with us)

4.9%




Your credit score is likely be adversely affected if you are late or fail to keep up with agreed payments on a loan.
I'd like to borrow

Over a period of time

  • Every week Total payable Total interest payable
  • Every 2 weeks Total payable Total interest payable
  • Every month Total payable Total interest payable

Whilst every care has been made in the production of this document, the Credit Union, or its staff, cannot be held responsible for any omissions, errors or other mistakes made herein. This document is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing.

If you are planning to save or borrow from us it is essential that you have a good understanding of how much you can afford. You can make use of an online budget planner by clicking here.


See below for more information about our Loan Products

We offer loans of up to £20,000 above savings starting from just 2.9% apr, or small loans to tide you over until payday. You can apply for a loan straight away, but often we will reward you with even lower interest rates if you have saved with us first. To apply for a low cost loan you must first join as a member. When your low cost loan is approved and, if you are not already a member, you must open your account with a minimum £50 deposit to your savings account. The granting of the loan is based upon evidence of affordability. Unlike other lenders we will not judge you if you have had financial problems nor will we encourage you to borrow more than you need or can afford. You do not have to come into the office. Simply join and/or register for online access then you can submit your loan application online, approve the loan agreement online and we can then transfer the funds direct to your bank account. Below you will find details of the different types of loans we offer to meet your needs.

Low Cost Saver Loans and Instant Saver Loans



Most members use the low cost ‘Saver Loan’ as a way of moving away from borrowing and into the savings habit. The maximum value for our Saver or Instant Saver Loans is currently £20,000 above the value of your savings.

You can apply for a low cost ‘Instant Saver Loan’ at any time and once your loan is granted you must join with an opening savings deposit of £50. If you choose to pay through a salary savings scheme OR save at least £28 pcm for twelve months you will be rewarded for saving by having an even lower interest rate ‘Saver Loan’. Interest on ‘Saver Loans’ is charged at a fixed rate of 12.7% apr. The interest rate on the ‘Instant Saver Loan’ is charged at the slightly higher rate of 19.7% apr. If you have experienced problems with debt previously that is not necessarily a barrier to getting a loan from us.

Our unique low cost ‘Saver Loan’ sees part of your regular repayments allocated to your savings account which means that as you repay your loan your savings continue to grow. You can access your savings once the loan is repaid. This Saver Loan principle means that you gradually reduce and ultimately eliminate your need to borrow. The credit union low cost ‘Saver Loan’ is a very low cost way of borrowing. For example £1,001 repaid monthly over a year:











To apply for this loan you can use the online form from Members Secure Area once you have registered for online access, alternatively you can click HERE to reach the forms page or contact the office for an application pack.

Home Owner Loans - £7,500 to £20,000 loans from just 2.9% APR and max 9.9% APR

We know that owning your own home is not always plain sailing. There are times when you need to spend large sums on maintenance, home improvements or even special occasions like weddings. We are able to offer larger value loans at very competitive rates. We will offer loans at 0.1% less than that formally offered by any High Street Bank.

To qualify for this price beating offer the applicant must provide a formal offer letter from their bank for the equivalent sum, together with their most recent mortgage statement. Our minimum interest rate is 2.9%apr and our maximum rate is 9.9%apr and interest rates will remain fixed throughout the term of the loan.

You can choose your own loan repayment terms within a maximum 5 year repayment period. Please see our loan calculator on the website. As with all of our loans you can, by arrangement, vary payments if your circumstances change, and repay early without penalty.

Eligibility to apply for a ‘Home Owner Loan’
a) Anyone qualifying for membership who opens the account with a minimum share deposit of £50.
b) Applicants must provide their most recent mortgage statement or other proof of ownership if there is no mortgage.
c) You must agree to save a minimum £40pcm during the term of the loan and these savings remain non-withdrawable as part security on the loan.


Flexi Loans

Any member of the credit union can apply for a low cost Flexi Loan and must make a payment of not less than £20 to their credit union savings account before funds are released. The Flexi Loan is a slightly higher interest rate of 26.8% apr but the monthly or weekly repayments may be lower as there is no minimum savings requirement. The average value of the low cost Flexi Loans is £500, and repaid in 12 monthly instalments costs only £47 in total interest. Members’ are encouraged to save whilst repaying the low cost Flexi Loan and any savings may be withdrawn upon demand as long as the minimum £1 share is maintained. If you choose to save as you repay the loan at a minimum £28 pcm or £6pw you will become eligible to apply for an even cheaper Saver Loan.


Security Loans

We want to encourage members to build up their savings to prevent them having to borrow in future. To encourage members not to withdraw their savings we offer an alternative ‘Security Loan’ at just 4.9% apr. This allows members to keep payments at the same level and keep their savings for a rainy day.


Data Protection & Credit Reference Agencies

CLICK HERE for a guide on how we may share your personal data with credit reference agencies and fraud prevention agencies.

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