Apply for a loan with Solent Credit Union

 

 

Advantages of a loan from Solent Credit Union

• Loans can be applied for by any member, once they have been saving regularly for three months

• The maximum loans are very flexible - you can borrow small or large amounts over different periods

• Our interest rate is fixed - so if bank interest rates change, your repayments will remain the same

• Interest is charged only on the amount still to be repaid - not on the full amount of the loan

• There are no arrangement, setup or hidden fees

• You may be able to pay the loan off early, in which case there would be no charges

• Loans can be for a variety of purposes, such as holidays, car repairs, new appliances or to spread the cost of Christmas

• The interest rate is just 1% or 2% per month (12.68% APR—26.8% APR) depending on your circumstances, which are very competitive rates, especially for smaller loans

• Loans are automatically covered by life insurance if you die under the age of 65

• Loans covered by shares are automatically approved.

Link to Loan Frequently Asked Questions

Affordable Loans  -  Regular savers can apply for loans for a wide variety of purposes.  The interest rate on loans is just 1 or 2% per month.  ( 12.68% 0r 26.8% APR )

Pay Off that credit card bill!

Please click here to download a loan application form

The maximum first loan you can apply for is the value of your shares if (the amount you have saved) plus £500 repayable over one year, or £500 if your share balance is less that £200.

 

Comparing credit options

You can compare the total cost of the loan by comparing the Annual Percentage Rate (APR) charged on the loan. A loan which has a 13% APR is cheaper than a loan which has a 20% APR.