ST ALBANS DISTRICT
CREDIT UNION
135 Hatfield Road, St Albans, Herts. AL1 4JX :
Phone: 01727 859135 : Fax: 01727 859135
Email: office@stadcu.org
Web site and design ©St Albans District Credit Union 2011
HOW MUCH WILL MY LOAN COST?
LOANS
HOW DO I APPLY?
To apply for a Credit Union Loan first read the “Loan Guide”.
Complete application form and return it to the Credit Union Office or collection point with supporting documentation. A CU officer can help and advise on completing the form.. If you do not wish to print the form a blank printed form is available from the Credit Union (click on “Contact Us” ).
BACK
|
Lender |
Amount |
Period of loan |
Interest (Annual % Rate - APR) |
Total Interest charged |
Total Repayment (Loan + Interest) |
Monthly Repayment |
|
Pay Day Loan |
£500 |
One month |
1990% |
£155 (30 days) |
£655 (30 days) |
Not applicable |
|
Door Step Lender |
£500 |
One year |
272.2% |
£410 |
£910.00 |
£75.83 |
|
Credit Union |
£500 |
One year |
12.1% (on declining balance) |
£34 |
£534.06 |
£44.50 |
Be warned: BEFORE YOU TAKE OUT A LOAN COMPARE THE AMOUNT YOU WILL HAVE TO REPAY: The figures in the table are taken from Loan comparison web sites. Rates from Pay Day Loan Companies and Door Step lenders can be much more. (Click for Herts Money Advice Unit comments)
- St Albans District Credit Union’s standard interest rate for loans is 1% per month on the declining balance (12.68% APR). However in certain circumstances we may charge an interest rate of 2% per month (26.82% APR).
- All loans and terms are agreed on an individual basis and are subject to status.
- Loans are normally available up to £5,000.
- Term of Loan can be up to 5 years depending on the amount borrowed.
- There are no arrangement fees and no charge for early or accelerated loan repayment - interest is correspondingly reduced.
- Repayments may be by cash or Standing Order.
- Loans are normally “unsecured” but members are asked to produce evidence of income and expenditure and show they can afford the repayments.
- Providing the borrower is under 70 years of age and subject to usual insurance conditions, free life insurance covering the outstanding loan balance is automatically included with each loan.
- Subject to individual circumstances loans are available for business start up.
(click here for more information)
* Note. Above figures are for comparison only and not an offer of a loan. Individual loan rates may vary according to individual circumstances.