20 years of fair, people-focused savings and loans for Stroud district & Tetbury
THE READY LOAN: FOR NEW & EXISTING MEMBERS
If you’re a longer-term member wanting to borrow more than two or three times your savings or are a new member wanting to borrow more than in your savings account, you can apply for a Ready Loan. We can lend up to £7,500 and the interest rate depends upon how much you borrow:
£100-£1,499: interest rate is 3%/month (42.6% APR)
£1,500-£2,499: interest rate is 2%/month (26.8% APR)
£2,500-£4,999: interest rate is 1.5%/month (19.56% APR)
£5,000-£7,500: interest rate is 1.25%/month (15% APR)
Because we’re a community-owned, not-for-profit organisation, our priority is on helping local people and providing a fairer alternative to other sources of loans. We’re transparent with our members from the start and you can rest assured that:
- there’s no small print with nasty shocks later on
- there are no set-up costs
- no fees for early repayment of the loan
- you’ll know how long repaying the loan will take
- your balance will go down each month as you pay off the loan
To be eligible to apply for a Ready Loan, we ask that you:
- have sufficient disposable income
- have a good credit history: verification of identity and address, no CCJs or IVAs in the last 3 years, no bad or defaulted debts in the last 2 years and not an undischarged bankrupt
- have a good record of paying back previous credit union loans and any loans to a third party.
For loans over £2,500, we ask that you also:
- have a minimum household income of £18,000 mainly from employment or pension.
- have lived at your current address for at least 2 years
- have no adverse credit findings for at least 3 years
- are up-to-date with any existing or previous loans
- will repay instalments by standing order (unless cash repayments on previous loans were made with no defaults).
Please note –each application is considered 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 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.