How much does a loan cost?
The cost of a loan is based on the amount of the loan and the length of time the money is borrowed for.

The interest rate is agreed at the start of the loan and won't be changed during the life of the loan so you will have the comfort of knowing that your payment won't change.  We charge interest from the day the money is paid over to you and then add interest on the balance outstanding on the loan at the end of each month.  

You can choose to make weekly, twice monthly or monthly payments depending on which you prefer.  The maximum time you can take a loan out for is 12 months if it is your first loan from us.  We can offer larger and longer loans if you have already successfully repaid a loan.  Repayments can be made by cash, cheque or by standing order.

The following table gives some examples of typical loans and how much they would cost.  The examples are based on our loan interest rate for new loans from April 1 2012 - 2.0%

Amount Borrowed

Repayment

Frequency

Number of payments

Total Cost

£300

£6.56

Weekly

52

£340.85

£300

£28.37

Monthly

12

£340.36

£500

£10.93

Weekly

52

£568.14

£500

£47.28

Monthly

12

£567.29

£1000

£21.86

Weekly

52

£1,136.35

£1000

£94.96

Monthly

12

£1,134.66



Amount Borrowed

Repayment

Frequency

Number of payments

Total Cost

£300

£15

Monthly

26

£386.81

£500

£30

Monthly

21

£614.22

£1000

£50

Monthly

26

£1,289.71



Remember, most of our loans also qualify for free life assurance, meaning that the loan will be paid off if anything happens to the member.  (Terms and conditions apply.)