North Wiltshire Credit Union

Loans

No loan is too small. Life Insurance cover is provided on loans at no extra cost.

After a minimum of 10 weeks of saving you can apply for a loan. The decision as to whether or not you get the loan is decided primarily on the regularity and consistency of your savings.

First loans are subject to a maximum level of £1000 or 3 times your savings whichever is the smallest figure. Loans up to £3000 are available, subject to member's previous repayment record and availability of funds.

Second and subsequent loans can be up to 4 times your savings!

Loans is calculated daily at a reducing balance. Loans of £2000 and larger can be offered at a reduced interest rate.

What is the total cost of a loan?

The total cost is the amount you have borrowed plus the interest charged on the loan. As you repay the loan the interest is charged only on what you owe.

Advantages of a NWCU loan

The loan can be for a small or large amount
The interest rate is fixed so if bank interest rates change, repayments remain the same.

Interest at 1% per month is charged only on what you owe, not on the total loan.

There are no charges or hidden fees payable. There is no penalty for paying off a loan early.

An agreed schedule is provided for repayments.

Not available to Junior members.