loans
Services
Loans
Borrowing is simple, with no hidden costs, and no dodgy sales techniques.
Interest is charged on a reducing balance and there are no charges for early repayment, and no arrangement fees.
At the present time, Coastal Credit Union charges between 1 and 2% per month subject to status. That works out as an APR of 12.68% - 26.8%. The table below gives examples.
We only charge interest on a reducing balance, so our rates are still lower than many banks, store cards and credit cards, and much more affordable than higher interest and doorstep lenders. See table below for a loan repayment schedule at our medium rate.
| Loan Amount | Loan Period | Monthly Payment at 19.6% | Total Payment at 19.6% |
|---|---|---|---|
| £20 | 1 month | £20.30 | £20.30 |
| £50 | 3 months | £17.50 | £51.49 |
| £100 | 1 year | £9.50 | £109.67 |
| £500 | 1 year | £46 | £549.91 |
| £1000 | 1 year | £92 | £1099.83 |
| £3000 | 2 years | £150 | £3593.48 |
| £5000 | 3 years | £181 | £6504.75 |
When granting loans, we take into account your length of membership and level of savings. A proportion of savings may be built into the repayment plan. As we only lend our saver’s money, our level of savings can affect the amount of money available to lend.
We often make small loans to members who have benefit paid directly into the Credit Union.
Currently Coastal Credit Union can provide loans of up to £7,500 subject to status.
We can also provide small business loans to individuals on the same terms.
Download Loan Application Form (part 1) (108 kb) and Loan Application Form (part 2) (32 kb)
Download the Loans Leaflet (3 mb)