Why borrow from a credit union?
Unlike many other financial organisations credit unions exist to serve their members and do not seek to make a profit out of them. There are a number of reasons why borrowing from your credit union is a good option.
- Low interest rates
- Loan protection insurance is included at no extra cost
- No hidden charges or penalties
- Repayment rates are tailored to meet your circumstances
- Repayments are calculated on the reducing balance of the loan. This means smaller interest payments as you repay the loan
Think before you borrow
When you need to borrow money to get you through a difficult period or to help you afford a treat for you and your family, you need to be careful when choosing credit. Think about the following:
- Can you afford the repayments?
- How much you will have to repay in total?
- How many repayments do you have to make?
- What happens when you miss a repayment?
- Is there a penalty if you repay early?
One of the many benefits of borrowing from ‘Smart Money’ is that there are no hidden charges or early repayment penalties.
- We lend responsibly - we will never encourage you to borrow more than you can comfortably afford to repay
- We charge a maximum interest rate of 2% per month on a reducing balance, depending on your circumstances
- We do not use phrases like ‘typical’ or ‘variable’ when we quote our rates
- Interest is only charged on the reducing balance of your loan. This means that the amount of interest you pay decreases as you pay back the loan
- We consider loans for any amount from £100 to £5,000, net of your savings
- There are NO set up costs.
- There are NO extra charges or penalties if you want to make additional repayments or pay the loan off early
- Flexible repayment terms to suit you - choose to pay weekly, fortnightly, four-weekly or monthly
- Most members qualify for FREE Loan Protection Insurance so that in the event of your death the outstanding loan would be paid off, (subject to conditions).
- As you make your loan repayments we encourage you to save as well. So, by the time you have paid off your loan you will have increased your savings too!
What you will pay for a loan
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If you would like to find out more about the borrowing options available through ‘Smart Money’ Credit Union please contact a member of the team:
Tel: 029 2088 3751