Affinity Loans

Solent Credit Union has teamed up with Co-op Electrical to offer a great way to buy your electrical appliances with affordable repayments.

Benefits of the scheme

  • Great value products from Co-op Electrical – cookers, fridges, washing machines, TVs and much more.
  • Maximum interest rate of 3% per month (42.6% APR) – lower than rent-to-own stores.
  • Pay weekly, fortnightly, every four weeks or monthly – whichever suits you best.
  • You don’t have to buy expensive warranties – all warranties are optional and fairly priced.

How it works

  • Choose from the Co-op Electrical’s wide range of electrical appliances at www.coopelectricalshop.co.uk. The Co-op often have special offers available exclusively to credit union members – please ask our staff for details.
  • Apply for an Affinity Loan from Solent Credit Union – you can obtain an application form from our office. You will normally need to provide your bank statements for the last three months so that we can ensure the loan is affordable for you. If you do not have a bank account, please speak to our staff to discuss alternatives.
  • The application will take up to a week for us to consider. You may be invited into the office to discuss your application further.
  • If you are granted a loan, we will place the order for your appliance and agree a convenient delivery date and time with you. (We will pay the Co-op directly for your goods.)

Loan repayments

The amount you repay will depend on how much you borrow and your chosen repayment period. A representative example – If you borrow £250 over 1 year to be paid weekly, at a representative APR of 42.6% you would pay:

  • Weekly payment: £5.11 (final payment £4.97)
  • Total charge for credit: £48.46
  • Total amount you repay: £298.46

No deposit is required, and there are no set-up fees or hidden charges.

You will either be asked to set up a standing order to make the repayments, or if you are receiving state benefits or tax credits you may be asked to arrange to have these paid directly to the Credit Union, in which case we would deduct the loan repayment and pay the remainder directly to you.