By law (Credit Union Act 1979) the maximum interest rate that a credit union can charge is 3% per month or 42.6% APR.
*Higher Quick loans can be paid over 18 months
Forest savers can help tide you over at a saving of around £90 a year
*As Credit Unions promote savings, we require you to continue saving £10 per month
on top of your loan repayments.
This means that after 12 months you could have a total of £120 saved on your shares
Loan repayment period
You can repay the total outstanding loan with any interest on your next payday with no added charges.
If this is not possible then just stay with the schedule
Unlike our regular loan, the Quick loan gives you easy access of up to £2000, which could help towards things such as school uniform, holiday deposit, Christmas presents to name a few
This loan is available to all members without an existing loan.
Loans are available to members once they have saved with us for three consecutive months.
Once the member meets the criteria we allow them to apply for up to 2x their savings (shares) value
Member (A) has £300.00 in her share account, x2 = £600.00 (highest loan application value)
If a member has saved with us over three years then they are able to apply for 3x their shares.
Member (B) has £1500.00 in shares, x3 = £4500.00 (highest loan application value)
The loan application form to be completed by the member
A Guarantor (someone over 18 years old and working) who is happy to give 3 forms of ID as below
Three forms of ID for both the member applying for the loan and their Guarantor:
The loans are approved by the loans officer on a Monday evening. Once approved the money is processed by the office staff on the Tuesday via Bank Transfer.