SVCU Members Newsletter June 2020
I hope that you are all keeping safe and well. In our update of 20th April, we announced that we were again taking new loan applications. In addition to this, we can now release the loan money in weekly or monthly instalments to help our members on temporary reduced household income to budget. More details are in the “Open for New Loans” section below.
Stroud Valleys Credit Union is a co-operative run by its members, for its members. We would like your input to what our products and services you would like to see when things get back to near normal. There is a link below to our Member Survey. Please take 10 minutes to have your say.
How to contact us
We don’t yet have a date for when our Old Town Hall office will open again. Until then, we remain contactable via phone or email. There are more of you getting in touch by phone and email than normal, plus everything is being routed to Sarah at home, who is doing a marvellous job but we thank you for your patience at busy times. One thing that will help us greatly is to make sure you always quote your membership number. We have received a few payments recently where it has taken a long time to ensure we credited the right account because they were missing this important information.
Phone 01453 298785 (Mondays, Tuesdays, Wednesdays and Fridays 11am to 1pm)
web site www.svcu.org.uk
Open for New Loans
In the last newsletter we said that we had re-started taking loan applications.
We can now announce that in addition to the regular Starter loans, we are able to release the loan funds in weekly or monthly instalments to members who have temporary lower household income. Loans would still be for up to £500, but the money would be released in 10 weekly, or 3 monthly sums. We are also extending the period for you to repay from the usual 12 to 18 months to keep repayments lower. Repayments start as soon as we release the first instalment, but we won’t charge you any interest on the loan until you have all of the money. This way, your weekly or monthly repayments will be lower than for a usual Starter loan over one year, but the total amount you pay us will be about the same. Here is an example below for a loan of £500.
£500 released in 10 weekly instalments of £50, with 76 weekly repayments of £8.00. The total you will pay will be £604 at an interest rate of 0% APR for the first 10 weeks and 42.6% APR thereafter. £500 released in 3 monthly instalments would cost £34 a month over an 18 month term.
Please get in touch for a quote.