Ready loans – if your savings are low

If you want to borrow a lot more money than you already have in your savings, or if you are not a member but you want to join Stroud Valleys Credit Union in order to take out a loan, then the Ready loan is for you.

The rate of interest on your loan will vary according to the amount you want to borrow:

  • For loans of £100 to £1,000 the interest charged will be 3% a month (42.6% APR)
  • For loans of £1000 to £3,000 the interest charged will be 2% a month (26.8% APR)
  • For loans of £3000 to £15,000 the interest charged will vary from 1.5% to 0.65% a month (19.6% to 8% APR)

Loan repayment table (for a repayment period of one year). These examples are for illustration only.

Loan amount Interest rate payable Total interest due Total due, incl. interest Monthly repayments
£500  3% per month £97.02 £597.02 £49.75
£2,000 2% per month £269.43 £2,269.43 £189.12
£5,000 1.5% per month £546.59 £5,546.59 £462.22

….

NB There are no additional charges, and no penalties for repaying early. You may also want to pay off the loan over a longer period than one year, in which case the monthly repayments will be less, and the total interest due will be more.

How to apply for a Ready loan