Loans
Loans
The two most important things about a loan are, being able to borrow the money and being able to repay it. At Beechview Credit Union we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay. Establish a good savings record by saving regularly so as to build up security for your loan.
In deciding whether or not to grant the loan the loan officer or credit committee will take into account the members record of savings and loan repayments, as well as ability to repay. Once the loan is granted the member will be asked to complete a promissory note, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.
Remember - only members are eligible to receive loans from your credit union.
Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. 5 years is currently the maximum loan term. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.
By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. This represents an interest rate of 12.68% APR (Annual Percentage Rate). Credit unions do not charge fees or transaction charges. The Credit Union is currently offering competitive rates. View our loan calculator to see how reasonable a credit union loan could be. We also have regular promotional rates of interest. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.
Death Gratuity at January 2020 is £1000 paid to a nominated beneficiary, irrespective of age of deceased member subject to our terms and conditiond available on requested.
Please keep your Beneficiary detail up to date.
Try out our quick and easy loan calculator below
Maximum Loan Term :
12.61%
12.61%
12.61%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
Alternatively, you can download and fill the form below and pop in to the office or send us by mail or email.
Become a Member
Joining the Credit Union is the best decision you could take for your money. Our Credit Union lets people in the community come together to save and borrow money at low rates, and is operated on a not-for-profit basis.
Why not become a member today?
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