Loan Table
Levern Credit Union Loan Rates
The table below will show you how much you will pay in interest to the credit union and how much the repayment will be for each loan:
| Loaned | Interest | Total Repaid | Term of Repayments | Amount you pay weekly |
|---|---|---|---|---|
| £100.00 | £9.42 | £109.42 | 52 Weeks | £2.11 |
| £500.00 | £47.18 | £547.18 | 52 Weeks | £10.53 |
| £1,000.00 | £94.41 | £1,094.41 | 52 Weeks | £21.05 |
| £3,000.00 | £283.27 | £1,283.27 | 52 Weeks | £63.14 |
| £5,000.00 | £311.76 | £5,311.73 | 52 Weeks | £102.11 |
Loans can be paid in the following ways:
taken over 1 – 3 years,
you can pay weekly,
fortnightly,
4 weekly
monthly depending on your circumstances.
| Loaned | Interest | Total Repaid | Term of Repayments | Amount you pay monthly |
|---|---|---|---|---|
| £500.00 | £45.85 | £545.85 | 12 Months | £45.72 |
| £1,000.00 | £148.47 | £1,148.47 | 18 Months | £63.81 |
| £3,000.00 | £445.51 | £3,445.51 | 18 Months | £191.37 |
| £5,000.00 | £488.37 | £5,488.37 | 18 Months | £304.92 |
These tables have been worked out using the understanding that the loan will be repaid on the same date (or nearest to it) every week or month, if the loan is repaid quicker then the amount of interest will be less.
The Loans Policy
You have to be a member for 12 weeks before you qualify for a loan at Levern Credit Union, the loans policy is:
1st loan - 1.5 x your share balance
2nd loan - 2 x your share balance
3rd Loan - 3 x your share balance
Each subsequent loan - 3 x your share balance
You must be over 18 to be eligible for a loan.
You cannot recover shares from your account whilst you have an outstanding loan.
For further information about loans please contact us using the form below or by calling: 0141 881 1155