The credit union offers you affordable loans, especially when compared to doorstep lenders, payday loans or credit cards. You can even use a lower-cost loan from the credit union to pay off other loans with higher interest rates.
These are some of Stockport Credit Union’s loans:
If you are a saver with the credit union you can apply for an affordable loan after 3 months of regular saving. This can be up to 3 times the amount you have saved.
||Total charge for credit
||Minimum savings balance
||£6.75 for 50 weeks
||£22 for 26 fortnights
||£110 for 13 months
Stockport Credit Union figures correct as of 25 July 2016, other terms and amounts available. Final payment is often lower.
For comparison a £300 loan over a year with Provident costs £246, Total repaid would be £546 and the representative APR is 272% (figures from www.providentpersonalcredit.com website on 25 July 2016).
If you are in salaried employment with certain employers you can apply for a Payroll Loan. Your monthly repayments are deducted from your salary and you can borrow up to £2,500 depending on your circumstances.
Many local employers already allow payroll loans with the credit union; if you’re not sure whether your employer offers this benefit, please ask the credit union, as we can often help. It is quite straightforward for your employer to set up and we can help them do so.
For our loans there are no arrangement fees and no penalty fee if you decide to repay your loan early.