City of Plymouth Credit Union

Education Loan

Want to do a course at college? Thinking of an apprenticeship? Have you got a family member that is considering further education? It can be quite expensive, so you'll possibly need to take out a loan. If so, our Education Loans can be a cost-effective way of providing finance should you need it. With similar terms and conditions to our Personal Loans enabling you to borrow up to £10,000, see what it will cost by using the calculator below. Adjust the sliders to see the results.

£50     £10,000
1 month     36 months
Your repayments are every month at APR
Total interest is
Total you will Pay:
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Loan Details

The highly-competitive  interest rate charged on an Education Loan is either 2% per month/24% flat per annum (26.82% APR) for a loan of less than £2,000 or 1% per month/12% flat per annum (12.68% APR) for one over £2,000. The maximum amount that you can borrow is dependent on several different factors which will be considered when you apply. First, you must have been saving with the credit union for a minimum of 13 weeks, during which time you must have shown a regular saving pattern. After that, the maximum you can borrow is determined as:

  • for your first loan, twice your savings total to a maximum of £3,000 over a period not exceeding 12 months
  • for second loans, up to 3 times your savings to a maximum of £10,000 over a period not exceeding 2 years
  • for third and subsequent loans, up to 4 times your savings to a maximum of £10,000 over a period not exceeding 3 years.

We will also take into account your existing regular payment pattern and will examine your Loan Application income and outgoings to ensure you can afford to make the agreed repayments and may ask you for proof of income. We reserve the right to apply to a Credit Checking agency for a credit reference, but please don't assume that you will be refused just because you have a poor credit history, that is not necessarily the case.

We can pay your loan advance by cheque into your personal bank account, by cheque for cashing at a branch of the Co-operative Bank, by cheque for cashing at a Post Office with which we have an arrangement (a charge will apply), by Faster Payment directly into your bank account or by loading the value onto a Prepaid Debit Card.

To apply for an Education Loan, click the button below, print the form and fill it in as fully as possible. Alternatively, forms are available at any of our Service Points.

Features

  • Open to all members with savings
  • Must be over 18 years old
  • Loan amount dependent on savings
  • No arrangement fee
  • No penalty for early settlement
  • Overpayments welcome
  • Weekly, fortnightly or monthly repayments
  • Covered by Life Insurance
Terms and Conditions