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Website attracts new members
03 May 2007
Since our website was launched at the end of 2006 we have...
Millom & District Credit Union Launch New Website
20 Dec 2006
Millom & District Credit Union Ltd have launched a new we...
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Loans
Why is a Credit Union loan better?
A Credit Union has some unique features:
- Loans have no hidden fees or transaction charges
- Interest rates are reasonable and affordable
- Repayments are calculated on the reducing balance of the loan. This means the Interest payments get smaller as the loan is paid back
- Credit Unions customise each loan to suit the conditions and need of each member.
Loans can be repaid early with no penalty – and a saving of interest!
When you borrow from a Credit Union you get free life insurance that will cover the value of the loan. So the loan will be repaid if you die before fully paying it back.
How much does a Credit Union loan cost?
Millom & District Credit Union Ltd charges 1% on the reducing balance of your loan each month. This is an Annual Percentage rate of 12.68%.
In practical terms, a £1000 loan repaid over a year would have a maximum interest payment of £65. Hence you would pay back a total of £1065.
For Millom & District Credit Union Ltd each loan is equally important – no matter how small the loan your Credit Union will assist you.
What about repaying your loan?
Credit Unions are very flexible and understanding organisations. They exist only to serve their members. Your Credit Union will help you choose a repayment plan which suits your individual needs.
If your circumstances change and you need to alter your loan terms, your Credit Union is there to help.
Only Credit Union members can apply for a loan. If you are already a member, speak to your Credit Union about making an application.
If you are not, drop into your local Credit Union for more details and a friendly welcome.