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Taking out Loans

Interest on a loan is charged at only 1% per month on the monthly reducing balance

Taking Out Loans

Interest on a loan is charged at only 1% per month on the monthly reducing balance. 12.7% Annual Percentage Rate (APR).

It is a stress free way of saving. Members make regular deposits of as little or as much as they wish.

These savings then form a common pool of money from which loans are made to members. Usually after saving for a certain period of time (between 0 to 13 weeks) members can apply for a loan. Terms and conditions apply.

There is built in life assurance on savings and loans and a range of additional financial services.

All application must be made to the credit union in your common bond.

 
© Association of Cornish Credit Unions · Updated: 19 March 2007