LOANS
If you are already a member and would like to complete a loan application form online, please log in to your account on our secure site or To become a member please click here to download the membership form. |
 Our regular loans are available for just about any purpose – anything from a new car, computers, holidays, weddings, or Christmas expenses to home improvements. Our rates are competitive, fair and affordable and every loan comes with free life insurance cover ensuring complete peace of mind without the added expense.
Members need to save with Commsave for a minimum of three months before being able to apply for a loan.
Commsave charge just 1% each month (APR12.7%) on the reducing balance of your loan. As an example this means that should you borrow £1000 from the Credit Union repaid over 1 year your total repayment will be £1066.18. You will be told upfront what the total cost of credit will be which is guaranteed and will not be suddenly increased. With a Credit Union loan there are no hidden set up fees and if you decide to repay your loan early there are no hidden penalties and no extra interest charges.
At the Credit Union members’ savings are pooled to provide the funds to pay out loans. In order to ensure that there is always enough funds members are asked to continue saving whilst repaying a loan, and they must keep one third of the outstanding loan balance in savings at all times. This also ensures that your savings grow throughout your loan repayment term – and remember you get the added benefit that at the Credit Union members receive FREE life insurance on all savings and loans.
*loans are allocated at the discretion of the loans officers and are subject to terms and condition set out in our loans policy. |