AFFORDABLE LOANS
You can take out loans for all sorts of things such as holidays, furniture, domestic appliances or special occasions. Our rates of interest range from 5% APR to 42% APR depending on individual loan products and personal circumstances.
There are other reasons for borrowing from us:
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You can apply for a loan to suit your budget, our loans range from £100 to £7,000
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Our loan interest rates are more affordable than those offered by many other lenders including payday and doorstep lenders
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Interest is charged on the reducing balance of your loan
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Save while you borrow
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There are no hidden charges or fees
RESPONSIBLE LENDING
Stevenage Credit Union is a responsible lender; for all loan applications we will always consider an individual’s ability to repay, ensuring you borrow to suit your budget. When you submit a loan application we will look at your credit history using a reputable credit agency, and ask for bank statements, to see how you manage your money.
All this information will be considered when assessing your loan application.
If the Credit Union cannot offer you a loan, we will discuss suitable options such as signposting you to a debt advice service or suggest a new savings plan to enable you to submit another loan application in the future.
Stevenage Credit Union can offer you a loan suited to your circumstances.
If you are over 18 the type of loan you can apply for will depend upon your membership length, the level of savings you have, your credit history and your ability to repay the loan.
Our Loans At A Glance
LOYALTY LOANS
Borrow from £2,000 to £7,000
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You must have been saving regularly for at least 2 years by saving an amount either every week or every month in that period
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APR: 12.68% (1% monthly)
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Minimum loan term is 6 months
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Maximum loan term is 36 months
STANDARD LOANS
Borrow from £100 to £5,000
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Savings are not the main criteria but based on affordability and credit history.
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Must have started saving with us prior to application.
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APR: 19.56%, 26%, 33% or 42%.
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Minimum loan term is 6 months
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Maximum loan term is 36 months
SURETY LOAN
Borrow from £100 to £7,000
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Take a loan while leaving your savings untouched
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You must have savings at least equivalent to the loan amount.
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You must have been a member with us for at least 2 years.
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APR: 5%
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Minimum loan term is 6 months
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Maximum loan term is 36 months