We all have those emergencies that crop up out of the blue when we least expect them, or can certainly do without. The list is no doubt vast, having some accessible funds available quickly can be just what you need!
Our emergency loans (currently set at £500) have been made available to members that for whatever reason may not currently have our standard loans available to them at the moment. The main difference with the emergency loans is that they are only payable to a third party directly, and they must be paid over a maximum of 6 months. (26 weeks). You will not be able to access your savings or any other loans until the outstanding balance is paid off.
So how do we compare?
For example if you need to borrow £400 over 2 months, and borrowed the money from a payday lender, the total repayable amount would be £549.14 that's £149.14 in interest and charges. Borrow that same £400 over 2 months as an emergency loan the total repayable amount would be £418.09 just £18.09 in interest. Should you need longer to pay, you repay the loan over six months with the interest always staying low. With pay day loans they do allow you to rollover the loan to extend the repayment term, but add further charges so the amount can soon snowball out of control.
|Total Amount Repayable:||---|
Please be aware that this is not a loan offer and the figures quoted in this document are based on the Representative APR which may differ from the actual APR you qualify for after we have conducted a credit search. As a result, this should only be used as an indicative illustration.
The calculator is for illustration purposes only. Rates may be withdrawn at any time. We reserve the right to refuse any application.
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 inclusive bereavement again on all savings and loans.
* Loans are allocated at the discretion of the loans officers and are subject to terms and conditions set out in our loans policy.