Lots of members need fast, smaller loan amounts made available often for all those problems and emergencies that pop up out of the blue.
Orbital Revolving Loan
It’s a revolving credit facility that allows members to arrange a pre-determined credit limit ranging from £500 to £2000, a bit similar to an overdraft. The available limit sits beside your savings account as cash available to withdraw.
Once approved you can withdraw up to your limit as often as you wish, with a minimum withdrawal amount of £20.
Any member can apply for our Orbital Loans as long as they are in security with any other outstanding loans with us, this means you must have at least one third of your loan balance in your savings account. Members with CCJ’s must have been saving with us for a year or more to apply.
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So how do we compare?
For example if you need to borrow £500 for 2 months, and borrowed the money from a payday lender the total repayable amount would be £686.42 that's £186.42 in interest and charges. Borrow that same £500 over 2 months from your orbital loan the total repayable amount would be £511.28 just £11.28 in interest. In just 2 months you would save yourself a whopping £175.14, and should you need longer to pay, at Commsave you can have up to a year 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.
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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 Rates may be withdrawn at any time.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.