As a social enterprise owned by its members, Stockport Credit Union can offer affordable loans that have our members’ interests at heart. As a co-operative working for the members, we can be more flexible than a bank in deciding whether to lend.
All loans offered are subject to status and eligibility criteria, including an affordability check and credit references. The interest rates offered will depend on your own circumstances, and high value loans may require higher credit ratings.
While you have a credit union loan, you must continue to pay at least £1 weekly or £5 monthly into your savings.
Starter Loan – For new members without any savings with Stockport Credit Union. The starter loan is for a maximum of £500. Savings account will be opened alongside this loan that is locked until the loan is repaid. E.g. - £400 over 12 months £40.19p a month.
Child Benefit Loan – This loan is serviced by child benefit payment and is paid direct to Stockport Credit Union. The child benefit loan is for a maximum of £750. Savings account will be opened alongside this loan.
Saver Loan – For members who have been with Stockport Credit Union at least 3 months with a regular savings record. Up to £7,500 calculated as 4x the savings balance.
Benefits of a Stockport Credit Union Loan
- Interest is calculated daily on your reducing balance
- You can pay off your loan early or make extra payments without penalties
- There are no set up or administration fees
- You can save at the same time as repaying a loan
- You can repay by Standing Order, Cash or Cheque, and if you have a Payroll Loan you can repay it directly from your salary
- You can repay weekly, fortnightly, 4-weekly or monthly
- Grow your savings at the same time as having a loan, work towards financial independence
How does the interest work?
Interest on loans is charged monthly on the declining balance.
You may be offered a different interest rate based on your personal circumstances or previous repayment history.
If you are interested in saving with or borrowing from Stockport Credit Union call them on 0161 430 5808 or email firstname.lastname@example.org for more information.