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.