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West Cheshire Credit Union offers members the opportunity to apply for low cost loans.
Loan interest is kept to a minimum and calculated on a reducing balance basis.
Our lowest rate is 1% per month which is equal to an APR of 12.7%.
Applicants may apply for loans ranging from £50, to a maximum of £7,500 and amounts are granted on the basis of the applicants’ ability to afford to repay the sums applied for.
Currently West Cheshire Credit Union offers two standard schemes:
1 - After four weeks of saving regularly, members may apply for a maximum loan of £500. These loans are charged at 2% per month on a reducing balance. 26.8% Representative APR.
2 - After eight weeks of saving applicants may apply for a loan of up to four times the value of savings held. For example if a member holds £500 in their savings, then they may apply for a loan of £2000.
Loans are charged at differing interest rates as noted below:
£50 - £500 |
2% per month = 26.8% Representative APR |
£501 - £3000 |
1.5% per month = 19.6% Representative APR |
£3001 - £7500 |
1% per month = 12.6% Representative APR |
Please call our office for quotations and repayment examples.
West Cheshire Credit Union will consider loan applications from people who do not fit the standard schemes, so please contact us to see how we might be able to help you. We also run special promotion loans from time to time, which will be advertised on this website or via payroll schemes
In order to apply for a low cost loan with West Cheshire Credit Union you must firstly become a member.
Application forms can be downloaded via the ‘Join Us’ section of this website.