RESPONSIBLE LOANS WITH NO NASTY SURPRISES
For twenty years, Stroud Valleys Credit Union has offered responsible and ethical loans to people living and/or working in Stroud district and Tetbury. As a not-for-profit, community-owned co-operative, we put our customers first and we believe in being transparent and straight-forward from the word go. 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.
Stroud Valleys Credit Union specialises in small loans – we lend up to £7,500 over 5 years maximum (12 months for Christmas and holiday loans) at interest rates starting from 8% APR (representative). We try to choose the loan that is right for you so the APR will vary according to how much you borrow and your circumstances.
As we’re run as a co-operative and owned by our members, we’re only permitted by law to lend to our members so you’ll need to join first – but this is simple, see below for details.
If you’ve been a member for a while:
The loans that apply to you are:
If you’re a new member:
The Ready Loan is the one that you can apply for.
Find out more about the loans we offer:
The Standard Loan is only for members with savings. The amount you can borrow depends upon the total of savings you have.
If you’re a new member or an existing member wanting to borrow more than is available with a Standard Loan, the Ready Loan is the one to apply for.
“I got myself into a lot of trouble with banks in the past, not being able to pay back my overdraft. I also got into terrible difficulties when I went with a loan shark – and the doorstep lender I used charged an extortionate interest rate.
At Stroud Valleys Credit Union the interest rate is very reasonable. I always save with them as well, and that gives me a better rate. And they are very understanding and weigh up everyone’s situation. The staff are so friendly and welcoming.”
This is for members who are homeowners, in employment and want to borrow over £2,500. It has one of our lowest interest rates.
Please note – each application is assessed 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 we receive will be successful.
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 SVCU, apply online here or contact our office on 01453 298785 or email admin@svcu.org.uk.