Loans at just 1% per month
Pay less with a loan from your credit union. Remember credit unions are not for profit organisations, which allows us to charge very low rates on our loans. Our loans are charged at just 1% per month on the decreasing balance of the loan. Take a look at some examples:
£500 £10 per week Only £31.81 interest!
£1000 £20 per week Only £63.59 interest!
£2000 £40 per week Only £127.20 interest!
Eligibility for loans
Loans are available to members over the age of 18. PCU promotes sensible borrowing and our loans are based on ability to repay. We do not run credit checks; you build up a credit rating with us, by saving and borrowing.
Members can apply for their first loan after 10 weeks or 3 months regular saving. Your first loan can be double what you've saved with us, up to a maximum of £1000. Members' second and third loans can be up to £2500 and 3 times what they have saved. Loan amounts thereafter are based on ability to repay.
You will wait no more that 1 week for a decision on your loan application. PCU loans come with free life insurance up to the age of 80.
How to Apply for a loan
You can apply for a loan by completing a loan application form . You should return this with proof of your income to one of our offices. If you would prefer, you can make an appointment to come into the office and speak to a member of staff. Please call to arrange an appointment.
Other Loans Available
Family Funeral Plan
Our family funeral plan is provided by 'Golden Leaves', a highly reputably funeral planning service. They provide a range of products to suit all needs, and Pollok Credit Union can provide you with a loan to purchase one of these plans at 0% interest. Please contact us for more information.
General Insurance
The Credit Union offer members the opportunity to purchase house, car and travel insurance through the CIG Insurance Group which can also be repaid through a loan from Pollok Credit Union. Please contact us for more details.
WORK OUT YOUR LOAN REPAYMENT:
Amount of Loan
|
Loan Repayment |
1 Year |
2 Years |
Weekly |
Fortnightly |
Monthly |
Weekly |
Fortnightly |
Monthly |
£100.00 |
£2.04 |
£4.09 |
£8.89 |
£1.09 |
£2.16 |
£4.71 |
£500.00 |
£10.21 |
£20.44 |
£44.42 |
£5.41 |
£10.83 |
£23.53 |
£1,000.00 |
£20.42 |
£40.87 |
£88.84 |
£10.82 |
£21.66 |
£47.07 |
£1,500.00 |
£30.63 |
£61.32 |
£133.27 |
£16.23 |
£32.49 |
£70.61 |
£2,000.00 |
£40.84 |
£81.77 |
£177.69 |
£21.64 |
£43.32 |
£94.14 |
£2,500.00 |
£51.05 |
£102.21 |
£222.11 |
£27.05 |
£54.15 |
£117.68 |
£3,000.00 |
£61.26 |
£122.65 |
£266.54 |
£32.46 |
£64.98 |
£141.22 |
£4,000.00 |
£81.68 |
£163.53 |
£355.38 |
£43.27 |
£86.64 |
£188.29 |
£5,000.00 |
£102.10 |
£204.41 |
£444.23 |
£54.10 |
£108.30 |
£235.36 |
IMPORTANT
If you default on your loan repayments you will receive letters from our Credit Control Department. You should not ignore these letters. If you do, your account will be transferred to a Sheriff Officer that could result in court proceedings. You will be held liable for all costs that the Credit Union incurs as result of this action. The Board of Directors has a responsibility to protect all our members' money and will use whatever means necessary to recover outstanding loan arrears. |
