LOAN EXAMPLES
On this page you will find a few examples of our loans. Please contact the credit union if you have any questions about our loans.
INTRODUCTORY LOAN
Introductory Loan of £300 repaid at £10 per week would take 38 weeks to repay:
| Loan Repaid |
£300.00 |
| Interest Paid |
£ 13.28 |
| Savings |
£ 66.72 |
| Total |
£380.00 (38 payments of £10) |
The total interest would be £13.28 (APR 12.7%) and the member would now have savings of £66.72 with the credit union. |
STANDARD LOAN
Member with £350 savings is issued a loan of £1000 at £60.00 per month. Repayment period 21 Months:
| Loan Repaid |
£1000.00 |
| Interest Paid |
£ 109.20 |
| Savings |
£ 150.80 |
| Total |
£1260.00 (21 payments of £60.00) |
The total interest would be £109.20 (Apr 12.7%) and the member would have added £150.80 to their savings of £350.00 leaving a new savings balance of £500.80. |
LARGER LOAN
Member with £2000 savings is issued a loan of £6000.00 at £250.00 per month. Repayment period 30 months.
| Loan Repaid |
£6000.00 |
| Interest Paid |
£ 734.58 |
| Savings |
£ 765.42 |
| Total |
£7500.00 (30 payments of £250.00) |
The total interest would be £734.58 (APR 9.9%) and the member would have added £765.42 to their savings of £2000.00 leaving a new savings balance of £2765.42. |
The figures shown above are provided for guidance only. The exact amount of interest charged will depend on the date of loan issue and date of repayments.
Return to main Borrowing page
|
