Are you already a member of Stroud Valleys Credit Union and have you been saving for at least three months? Then you can apply for a Standard loan. The loan can be up to twice the amount that you already have in your savings (your shares).
For example, if you have savings of £100 a loan of £200 will be available. Interest on the loan will be charged at only 1.25% per month on a monthly reducing balance. This is equivalent to an Annual Percentage Rate (APR) of 15%.
Loan repayment table (APR fixed at 15% over 1 year). These examples are for illustration only.
|Loan amount||Total interest due||Total amount due, including interest||Weekly repayments|
NB There are no additional charges, and no penalties for repaying early.