Loans

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At City of Plymouth Credit Union, we offer our adult members several different loans at highly competitive, low rates of interest. For instance, new members and existing members with a low amount of savings can take out a Starter Loan at just 3% per month or 42.58% Annual Percentage Rate (APR). Our Regular Savers Loan is for members who have previously taken out a Starter Loan and have successfully repaid it while building up their savings at the same time. Interest rates are 2.5% per month (34.49% APR). Our Super Savers Loan is for members who have a good loan history and are making regular monthly payments into their account. They use their savings to partially guarantee a loan, attracting monthly interest rates of 2% (26.82% APR) for loans up to £2,000 and just 1% per month (12.68% APR) for loans over £2,000! Finally, our Fully Secured Loan is for members who have been with the Credit Union for at least 3 months. They can use up to 90% of their savings to guarantee a loan at the incredibly low interest rate of 0.42% per month (5.12% APR). And loans are covered by valuable Life Insurance so, subject to Terms and Conditions,  if the worst happens, it won’t need to be repaid.

All our loans are assessed against the criteria you see in the description of each loan. In addition, we use the information you supply to ensure that, in our view, you can afford to make the regular repayments. This is in your interest, to ensure that you do not get into financial difficulty, and to protect our members whose savings we are using to provide loan advances.

We have done some comparisons below so you can see how much a typical £500 loan will cost compared to other lenders. See how much you can save!

Cost Estimate for Loan of £500 over 6 months

ProviderInterest Rate (APR)RepaymentsTotal Interest PaidTotal Cost of Loan
City of Plymouth Credit Union26.82%£89.26 per month£35.58£535.58
Provident535.3%£130 per month£280£780
Satsuma856%£158 per month£448£948
Sunny1291%£165.53 per month£493.20£993.23

So are you interested in taking out a loan? Let’s see which type of loan you could qualify for. Then follow the link to see the details.

New Member or existing member with low amount of savingsStarter Loan
Existing Member who has successfully repaid a Starter Loan and built up savings as agreedRegular Savers Loan
Existing Member who has a good loan history and has made payments into their account of at least £62 a month for over 3 monthsSuper Savers Loan
Been a member for over 3 months and requires a loan of up to 90% of savingsFully Secured Loan

To give you some idea of how much a City of Plymouth Credit Union loan costs, we’ve included a table below showing typical repayments for our Starter Loan over roughly a 10 month period. Obviously, other types of loan will have different repayments, but this should give you a good idea.

Amount Borrowed39 Weekly Repayments20 Fortnightly Repayments10 Monthly Repayments10 4-weekly Repayments
£100.00£3.00£6.00£16.00£15.00
£200.00£6.00£12.00£25.00£24.00
£300.00£9.00£18.00£38.00£36.00
£400.00£12.00£24.00£50.00£48.00
£500.00£15.00£30.00£62.00£60.00
£600.00£18.00£36.00£76.00£72.00
£700.00£21.00£42.00£88.00£84.00
£800.00£24.00£48.00£100.00£96.00
£900.00£27.00£54.00£114.00£108.00
£1,000.00£30.00£60.00£124.00£120.00

If you are having any difficulties with the loan application process, all our staff and volunteers are willing to give you as much help as you need. After you have completed your loan application, we will process it as soon as possible, but bear in mind that this could take up to 5 working days (10 working days during busy periods, especially the run-up to Christmas!) and could be longer for high-value loans.

Please Note: Adult Members can only have one loan active at any one time.

Did you know?

Credit Unions are governed in law by the Credit Union Act 1979, amended later by the Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (SI 2011/2687). Amongst a lot of other rules, that means there is a limit to the interest rate that credit unions can charge of 3% per month (42.58% APR). That ensures our members get the very best deals.

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Starter Loan

New Member? Existing Member with a small amount of savings? This loan could be what you’re looking for.

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Regular Savers Loan

Had a Starter Loan and repaid it without any problems and built up your savings? You could qualify for a Regular Savers Loan.

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Super Savers Loan

Been making regular payments of at least £62 a month into your credit union account for 3 months or more? Got a good loan history? Why not look at our Super Savers Loan.

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Fully Secured Loan

Want to borrow up to 90% of your savings at our lowest interest rate? That way you can benefit from free Life Insurance. Have your cake and eat it so to speak!

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Payroll Loan

A loan specially for members whose employer is part of our Payroll Deduction scheme.

Loan Refusals

It’s disappointing for you and us when we have to turn down a loan. There are many reasons for this, but here are the chief ones.

  • You are requesting a loan which, in our opinion, you would struggle to repay given your level of income.
  • Your Loan Application form has not been completed correctly and we can’t make a proper assessment.
  • Your financial commitments are too high at the moment.
  • Your Credit History is not satisfactory enough. A low credit score could be due to several things such as:-
    • You have no credit history (you have never taken out a loan with a bank, building society, finance house or other financial organisation)
    • You have other loans which have not been repaid or not repaid on time
    • You have County Count Judgements (CCJs) against you.
  • You’re currently bankrupt, in an Individual Voluntary Agreement (IVA), Debt Management Plan (DMP), Debt Relief Order (DRO), or Administrative Order.
  • Your payment history on previous loans has been poor.
  • You have not met the basic criteria for our type of loans.

Payment Options

You can make payments into your savings and loan accounts in several different ways.