20 years of fair, people-focused savings and loans for Stroud district & Tetbury
THE ADVANTAGE LOAN: FOR NEW & EXISTING MEMBERS
This loan is for any new or existing members who are homeowners and looking to borrow between £2,500 – £7,500.
The interest rates are:
£2,500-£4,999: interest rate is 1%/month which equals 12.68% a year (APR)
£5,000 – £7,500: interest rate is 0.65%/month which equals 8% a year (APR)
Because we’re a community-owned, not-for-profit organisation, our priority is on helping local people and offering a fairer alternative to other sources of loans. By choosing to take a loan out with us, we can guarantee that:
- it’ll be clear from the start how long repaying the loan will take
- the cost of instalments will be set out in the loan agreement
- we won’t penalise you for paying off your loan early
- there are no set-up costs
- if you pay your loan off early, you’ll pay less
- you’ll know you’re with an organisation that supports its local communities and economy
To be eligible to apply for an Advantage Loan, we ask that you:
- have sufficient disposable income
- have a minimum household income of at least £18,000 mainly from employment or pension
- have been employed for at least 3 years
- have owned your current home for at least 3 years
- Have no adverse credit findings for at least 3 years
- Be up-to-date with any existing or previous loans
- Repay instalments by standing order (unless cash repayments on previous loans were made with no defaults)
Please note – we consider each application individually on its merits using the information supplied by the applicant. The more information we have, the quicker we can make a decision. Also, we can’t guarantee that every application will be successful.
HOW TO APPLY FOR A READY LOAN
There are three ways to obtain a loan application form:
- Visit one of our customer service points to collect a loan application form
- Download an application form (download button below)
- Ask our office to send one in the post (tel: 01453 298785 or email email@example.com).
Return the form & all the necessary accompanying documents (which are listed on the back of the form) by post to the main office in Stroud or bring it into one of our customer service points – their locations and times of opening are on the ‘Contact’ page.
HOW TO BECOME A MEMBER
In order to apply for a loan, you’ll need to be a member. Joining is simple – open a savings account with us which costs £2 admin fee (non-refundable) and £5 as your first savings deposit. You don’t need to have saved anything more before applying for a loan although when you’ve saved regularly for at least 3 months, you could be eligible for a lower rate of interest.
As a member, you’ll have a share of the profits at the end of each financial year and can have a say in how the organisation is run.
If you’re not already a member of Stroud Valleys Credit Union, collect a joining form from one of our customer service points or ask our main Stroud office to send you one in the post along with the loan application form.