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Credit Union

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. 

  • 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, PayPoint or cash.

  • 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 £6.75 for 50 weeks £36.53 £336.53 26.8% £100
    £500 £22 for 26 fortnights £63.78 £563.78 26.8% £125
    £1,200 £110 for 13 months £120.21 £1,120.21 19.6% £400

    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).

    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 £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.

If you are interested in saving with or borrowing from Stockport Credit Union call them on 0161 430 5808 for more information.

 

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Page last reviewed 20/07/2017