Standard Rate Loan

Loan available all year round at 12.68% APR. Borrow max £15,000 and borrow from 3 months to over 5 years. No early repayment charges.

Loans are subject to approval.  Terms and conditions apply.  

Reduced Rate Car Loan

Borrow from £1,000 to £15,000 at 7.9% APR. Offer available until 31st August 2017

Car Loan Repayment examples with Bannvale Credit Union

£10,000, 5 year fixed rate loan, with 60 monthly repayments of £201.02 a representative APR of 7.9%. The total amount payable by the member is £12,060.67.  Information correct as at 11/04/17.   

Loans are subject to approval.  Terms and conditions apply. 

Savvy Saver Loan

Borrow from £1,000 to £15,000 secured by shares at 7.9% APR. Offer available until 30th September 2017

Typical repayment example £12,500, 5 year fixed rate loan, with 60 monthly repayments of £251.24 an interest rate of 7.63%, a representative APR of 7.9%. The total amount payable by the member is £15,074.42.  Information correct as at 14/01/16.   

Loans are subject to approval.  Terms and conditions apply. 

Instant £500 Loan

Applies to Instant Loans applied and approved until 31.12.17. Maximum Loan Term 1 year. Maximum loan amount £500. Minimum share balance £20.00. Applicant must be approved for Membership before loan is issued.

Loans are subject to approval.  Terms and conditions apply. 

Name *
Name
£
Repayment Frequency *
Date of Birth
Date of Birth

 

 

 

Why borrow from Bannvale Credit Union? 

A credit union loan is better in so many ways:

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  • Loans are insured at no direct cost to the eligible member.*
  • There are no hidden fees or transaction charges.
  • Reasonable interest rates.
  • Flexible repayment terms to suit your particular circumstances.
  • You can repay the loan earlier with no penalty.
  • Additional lump sum repayments accepted with no penalty.
  • Freedom to make larger repayments than agreed with no penalty.

 

 

*Subject to terms and conditions and eligibility criteria. Please ask staff for full details.

 

How much does a credit union loan cost?

Bannvale Credit Union has a standard interest rate of 1% per month on the reducing balance of you loan (12.68% APR)
Dependent on the annual performance of Bannvale Credit Union a loan interest rebate may be allocated.

For instance the interest rebate for the year 2013/2014 was 21.75%. 
This rebate when allocated can significantly reduce the cost of borrowing.

How do I apply for a loan?

Loan applications can be made in person at the counter.  Depending on the loan balances etc, they will then be considered either by one of our team of loan officers, or if necessary they to go to the credit committee for consideration on a Monday night.

What can I borrow for?

The Credit Union ethos is to consider loan applications for productive and / or provident purposes.
So whether you want to borrow for home improvements, a new car, a deposit on your new home, a wedding, education fees, uniforms, a holiday, or special occasion, you know Bannvale Credit Union will deal with your application in the strictest of confidence and will consider each application based purely on its merit.

How do I make my repayments?

As with borrowing, we try to make repaying, as member friendly as possible: we try to tailor a repayment schedule to suit your individual circumstances.
You can repay weekly, fortnightly or monthly, with loan terms from one to five years. ***
You can make your payment directly over the counter at either of our offices, or for your convenience, we can also accept payments, by standing order, debit card or direct from your bank or building society. 
When your loan is issued you will sign a promissory note: (a legally binding document) which clearly outlines your repayment agreement.

What if I can no longer meet the repayments agreed in my promissory note? 

Don’t panic – here at Bannvale Credit Union we understand that sudden unforeseen changes in circumstances can affect a member’s ability to repay their loan especially in today’s unpredictable financial climate. Now more than ever you can depend on us to help and assist you should the need arise. Contact our team at either office immediately should you experience any difficulty repaying your loan.