Services to Borrowers

There are some times in life when a loan, carefully managed, can make a huge difference. Coastal Credit Union members can borrow from £50 up to £7500 [subject to conditions] at very competitive rates, using a repayment plan normally linked to a savings plan.

These low-cost loans, which are offered exclusively to members, have helped to replace essentials like cookers and fridges, provided a deposit for a rented flat, and even bought reliable transport to enable a member to get to work. By building a savings habit, members not only learn to budget sensibly and repay regularly, they can improve their credit rating, and build up a bonus pot of money for themselves.

Support and guidance to help borrowers budget is also part of the package from Coastal Credit Union. Many of our previous borrowers are now enthusiastic savers, pleased to be able to manage their money and pay their own bills, and not rely on short term high interest loans, which cause stress and take years to pay off.

Any applications depending upon a 2^nd parties income will ONLY be agreed on a joint basis which also means the other party must be eligible and must be a member.

These loans are provided from other members’ funds, so the borrower needs to take responsibility for repayment. Failure to repay, or denying responsibility, means a loss to other members, who could be your neighbours.

Benefits to borrowers include:

Low interest rates- typical Annual Percentage Rates [APR*] ranging from 9.6% to a maximum of 26.8%
No setup or exit fees
No hidden charges
No early repayment penalties
Interest is charged daily, on a reducing basis, so the quicker the loan is repaid, the less interest is due
Loan application form is simple to complete
Free guidance and budgeting help
Savings pot grows while you repay
Free life insurance for loans up to £5,000, subject to conditions, which would pay off your loan on your behalf, if you should die

To find out more, contact us or download one of these forms:

Loan Application Form

Applications are decided on your ability to repay, and willingness to save. Applicants must be aged eighteen or over. Terms and conditions apply.

*APR stands for the Annual Percentage Rate of charge. You can use it to compare different credit and loan offers. Find out more, including what to ask a lender.

The APR includes important factors such as:

the interest rate you must pay;
how you repay the loan; the length of the loan agreement (or term); frequency and timing of instalment payments; and amount of each payment; and
certain fees associated with the loan.

http://www.moneyadviceservice.org.uk/yourmoney/

Coastal Credit Union, 531/533 Christchurch Road, Bournemouth Dorset BH1 4AG

Phone: 01202 566878
E-mail: info@coastalcreditunion.co.uk