Tel: 0141 222 2259 Fax: 0141 222 2565 Email: info@valuecreditunion.co.uk

23 April 2014
Loans

Loans

  • An affordable and flexible loan account
  • Low cost loans, repaid by payroll deduction to make budgeting easier
  • No restrictions to applications up to £10,000
  • No requirement to save first
  • No requirement to provide bank statements

“Takes care of Christmas & Holidays without any worries”
“The loans are very convenient with low interest”
“I was impressed at the speed of my loan”

Frequently Asked Questions (Loans)

When can I apply for a loan, do I have to save first?

New members can immediately apply for a loan. There is no requirement to save for a certain amount of time. All applications are considered using an individual assessment of ability to repay.

How much can I apply for?

Unlike many Credit Unions there are no restrictions to the amount you can apply for up to £10,000. Loan applications are not limited by your savings balance.

Will I pay more interest because I am a new member?

No, all members are treated equally and fairly.

Are there any early settlement fees?

No, there are no hidden charges such as arrangement or early settlement fees. No additional interest would be charged once the loan is cleared.

Will I get a loan if I have had credit problems in the past?

All applications are assessed individually and based on your ability to repay. This doesn’t just focus on your credit reference, but also on your length of service with the Co-operative and your current income and expenditure. Even if your first application is not approved, your credit rating with the Credit Union can be improved by saving regularly from payroll and building up a savings balance.

Can I access my savings if I have a loan?

Unlike most Credit Unions, you only need to establish and maintain a balance in your savings of at least one third of your loan balance.

Does the loan get added to my wages?

No, the loan itself is sent directly to you by cheque or transfer to you bank account. But the repayments would be taken from your Co-operative wage.

 

Loan Repayment Table

% APR Loan £ Term Months Monthly Repayments £ Total Interest £
17.8%

500

1,000

 

1,500

 

3,000

 

 

12

12

24

12

24

12

24

36

45.49

90.97

49.20

136.45

73.80

272.89

147.60

106.20

45.77

91.55

180.73

137.33

271.10

274.66

542.19

823.12

12.7%

5,000

 

 

8,000

10,000

36

48

60

60

60

166.08

131.67

111.23

177.96

222.45

978.52

1,320.11

1,673.17

2,677.24

3,346.55

Loans are issued at the discretion of Value Credit Union, subject to an assessment of the applicant’s ability to repay.
Please contact us for quotes for other amounts

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VALUE Credit Union | 5th Floor, 52 St Enoch Square, Glasgow, G1 4AA | Tel: 0141 222 2259 | Fax: 0141 222 2565 | Email: info@valuecreditunion.co.uk
Value Credit Union (213959) is authorised by the Prudential Regulation Authority. Regulated by the Financial Conduct Authority & Prudential Regulation Authority.