At the City of Plymouth, we offer our adult members several different loans at highly competitive, low rates of interest. For instance, our most popular product, the Personal Loan for members, has monthly rates of 2% or 26.82% Annual Percentage Rate (APR) for loans up to £2,000 and just 1% per month (12.68% APR) for loans over £2,000! For new members and members with low amounts of savings, it's just 3% per month or 42.58% APR. And your loan is covered by valuable Life Insurance so, subject to Terms and Conditions, if the worst happens, it won't need to be repaid. We have done some comparisons below so you can see how much a typical £500 loan will cost you with other lenders. See how much you can save.
Cost Estimate for Loan of £500 over 6 months
|Provider||Interest Rate (APR)||Repayments||Total Interest Paid||Total Cost of Loan|
|City of Plymouth Credit Union||26.82%||£89.26 per month||£35.58||£535.58|
|Provident||535.3%||£30 per week||£280||£780|
|Wonga||1086%||£158.20 per month||£449.20||£949.20|
|Sunny||1291%||£165.53 per month||£493.20||£993.23|
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, especially if there are any issues or special requirements.
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.
Personal Loans are available to both Members and non-Members alike at low rates of interest.
A loan specially for members whose employer is part of our Payroll Deduction scheme.
Do you need cash for educational courses? Or would you like to contribute towards a family member’s education? Then this is the loan for you!
Savings Secured Loan
Got a lot of savings in the credit union and need to spend some money? Then take out a Savings Secured Loan and keep your savings intact. It’s our very lowest interest rate loan.
If you’ve own a home for 3 years or more and you’re looking for a loan but have no savings, this could be for you!