Credit Unions are owned and managed by their members, and we are lucky to have one right here in Stockport, offering savings and affordable loans.
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Savings
Stockport Credit Union offers savings accounts to people living or working in Stockport. Saving regularly, even just a small amount, helps you to manage if you get unexpected costs, or to plan for expected spending, such as school uniform, a holiday or a big purchase.
It costs just £1.20 to join the credit union and you can start your savings with as little as £1. We also have Junior Savers accounts, Xmas Saver accounts that keep your money away safely till November - in fact you can save for any special occasion or event.
You can pay in by standing order, bank transfer, cash or direct from your salary if you work at some local employers.
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Loans
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:
Saver loan
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.
Loan amount Repayment Total charge for credit Total repaid Representative APR Minimum savings balance £300 £6.51 for 51 weeks and
£6.07 in week 52£38.08 £338.08 26.8% £100 £2,000 £110 for 13 months £183.37 for 11 months and
£183.24 in month 12£2,200.31 19.6% £400 Stockport Credit Union figures correct as of 18 July 2017. You can repay weekly, fortnightly or monthly). Other amounts available – call 0161 430 5808 or mail@stockportcu.com for a quote.
For comparison a £300 loan over a year with Provident costs not £38.08, but £261.60!
Payroll loans
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 £5,000 depending on your circumstances.
Many local employers already allow payroll loans with the credit union; there is a list here www.stockportcu.com/payroll-loans.html. if your employer is a local company and are not offering this, it is quite straightforward for your employer to set up and we can help them do so.
Child Benefit loans
If you are not a member of Stockport Credit Union but you are in receipt of Child Benefit you can apply for a Child Benefit Loan (www.stockportcu.com/childbenefit-loans.html). We would ask you to join (£1.20) and to save while you are repaying your loan.
Loan amount
Repayment
Final Payment (Week 51)
Total charge for credit
Total repaid
Representative APR
£500
£11.70 for 50 weeks
£9.87
£94.87
£594.87
42.6%
With Provident a £500 loan would cost £18 a week over 52 weeks, and the total repaid would be £936.00. That is an APR of 299.3%.
(figures from www.providentpersonalcredit.com website on 18 August 2017).
White Goods loans
If you are not a member of Stockport Credit Union you can apply for a White Goods Loan (www.stockportcu.com/white-goods-loans.html). We would order your cooker, washing machine, freezer, laptop etc from Coop Electrical shop and it will be delivered to you free. We would ask you to join (£1.20) and to save while you are repaying your loan.
Loan amount
Repayment
Final Payment (Week 26)
Total charge for credit
Total repaid
Representative APR
£270 for 6 months
£11.25 for 20 weeks
£10.21
£21.46
£291.46
34.5%
With Provident a £270 loan would cost £16.20 per week over 26 weeks. Representative 535.3% APR. Total amount payable £421.20
(figures from www.providentpersonalcredit.com website on 18 August 2017).
For comparison, a £279 tumble dryer from Brighthouse, repaid over 52 weeks at £7.74 per week would cost £402.48! (Brighthouse website, 29th August 2017)
For all our loans there are no arrangement fees and no penalty fee if you decide to repay your loan early.
If you are interested in saving with or borrowing from Stockport Credit Union call them on 0161 430 5808 or email mail@stockportcu.com for more information.
If you are interested in saving with or borrowing from Stockport Credit Union call them on 0161 430 5808 for more information.