Loans from credit unions are generally cheaper than personal loans from most other providers for smaller amounts. They do not incur set up fees, administration costs or early redemption fees. However, if you’re looking for a larger loan of up to £15,000 then check out our rates as we are also competitive in this sector too. Apply now
Here are 5 good reasons why you would take out a loan with Derbyshire Community Bank, the largest credit union in Derbyshire:
- Credit unions offer very competitive rates of interest on personal loans of up to £15,000 and are happy to offer much smaller amounts from as little as £100.
- Interest is charged on the reducing balance of the loan. This is important if you want to repay your loan weekly rather than monthly as you’ll pay less interest overall.
- When you borrow from a credit union, you can pay your loan back through various channels such as straight from your wages through payroll deduction, taken from your benefits if you pay them into the credit union or from your bank account by direct debit.
- Credit union loans come with no hidden charges and no penalties for repaying the loan early.
- When someone borrows from a credit union, they are encouraged to save too, meaning that by the time they finish repaying the loan their savings will have grown as well.
All loans are subject to affordability and credit checks, however, a poor credit history does not necessarily mean we won’t be able to lend to you.