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