Loans from £200 to £5000 are available to Credit Union members. You can become a member if you live or work in Warwickshire. Loans are available to new members but please complete a membership application on the Joining Us page before requesting a loan.
Jon's car has broken down. He can't work without it, but he's overdrawn this month!
A small loan of £500 repaid over 12 months costs him £11.50 per week
Interest 3% per month on outstanding balance; total repayment £598 APR 42.6%
Layla wants to visit relatives abroad next summer. She’s looking to borrow £2,000 and pay it off over two years.
As a payroll member of the Credit Union she can repay at £105.75 per month.
Interest 2% per month on the outstanding balance; total repayment £2,538 APR 26.8%
Once you have become a member and if you are over 18 years old, you can apply for a loan.
Please ensure you complete and return the Budget Sheet with your Income & Expenditure.
The Loans Committee will look at your income & expenditure, credit checks and your previous savings and borrowing history to gauge your ability to repay before deciding whether or not to grant a loan. The maximum loan we provide is £5,000, repayable over 3 years.
You will normally be advised of the outcome within a few days, but in an emergency, we can provide a decision sooner. Your loan will normally be paid to you by cheque or by electronic bank transfer, but cash loans are possible in certain circumstances.
Because it's possible your bank has not processed a standing order payment or there is some other explanation as to why your payment has not come through to us we need to know. Being a credit union we can be sympathetic if our members have a problem repaying a loan we ask them to come and see us so that we can find some way to help - for example, repaying the loan over a longer period. However, after sending you further warning letters we will take appropriate action through the courts if you do not respond.
You can obtain a low-cost loan, with interest rates of between 1% & 3% per month added to the outstanding balance. The actual interest rate usually depends on the size of the loan and your track record with the Credit Union. Loyal members with a good savings & repayment record earn the lowest interest rates.
To see which rates apply go to current interest rates.
There are no hidden fees or transaction charges and no penalty for paying a loan off early. This is ideal for paying for holidays, cars, home improvements, Christmas presents, or make repayments on existing debts such as credit cards (larger loans may be repaid over a period up to 36 months).
To see an explanation of how the interest charges are calculated take a look at our page on interest rates.
Please COMPLETE ALL SECTIONS of this form. Failure to fully complete the form may result in rejection of the application.
This ABCUL loan calculator may help you gain an understanding of typical interest rates and repayment amounts.
This calculator is set at an average 2% per month interest rate. Your actual loan may vary from 1%-3% per month depending on your personal circumstances and length of membership with Rugby Credit Union.