The maximum loan is £5,000 [subject to status]. The maximum repayment period is 36 months. Loans are insured against the death of borrowers under 80 years. First loans are usually up to £2,000.
Registered office: Ty'r Cymry, 11 Gordon Road, Cardiff, CF24 3AJ
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Advantages of credit union loans
When you borrow from a credit union you do so as a member-owner. Credit union loans are available to members to help when a need exists.
Loan rates are cheaper than bank credit card or department store card rates.
How much will it cost?
With a credit union you pay only one rate of interest. It’s 1% on the reducing balance of the loan. While the APR is 12.68% a year this works out at £6.56 interest on £100.00 over 12 months. There are no loan arrangement fees or early redemption loans should you wish to repay your loan earlier than planned.
How much can I apply to borrow?
The loan maximum is £5,000 [subject to status] and the maximum repayment period 36 months. Borrowers must have a minimum of £50 in shares and have been members of UCPCCU for 3 months.
How do I repay my loan?
By a monthly banker’s order. All borrowers are expected to save while repaying their loan. Remember regular repayments give you’re a free loan life insurance cover.
How do I apply for a loan?
Loan application formsand loan agreement forms are available from the office or may be downloaded from the links on the ‘Forms’ page.
In order to apply for a loan you must send completed Loan Application, Loan Agreement and Bankers Order forms.