Products

Loans for Workers

Erewash Credit Union can provide loans for people who are employed by local organisations and businesses. The amount of loan approved by the Loans Committee depends on the applicants' ability to repay the loan, the applicant's lenght of membership with the Credit Union, if the applicant is on a fixed term contract, the amount available for the Credit Union to lend out - among other assessment criteria.

The Credit Union does not charge set up fees or early redemption penalties. The higher the loan the lower the APR. The Credit Union provides free life assurance on its loans - therefore if you die before the age of 80 with a Credit Union loan then the loan will be paid off immediately (no nasty surprises for your next of kin in the event of your death). And if you continue to save with the Credit Union while repaying your loan, in the event of your death we will double your savings baalnce and give the total to your beneficiary eg savings of £500 ensures a payout on death of £1000 (max cover of £3,500 loan and £3,500 in savings).

Check out Erewash Credit Union loan interest rates against other banks and loan companies and see how you would save hundreds of pounds every year with a Credit Union loan rather than a doorstep lender (200 - 400% APR), payday loan (600% APR) or a log book loan (700% APR).

These are the monthly repayments and the total interest charged over that period. Therefore a holiday loan of £1000 over 12 months would cost £92 per month from your salary or by Standing Order. The interest charged would be just under £100 @ 19.2% APR (less than £1 per week interest).

Top Up loans are available to borrowers with a good repayment history. Credit checks are carried out as part of the loan assessment which takes approx 4 - 7 days.

Loan Amount (£)	APR	6 months / interest	12 months / interest	18 months / interest	24 months / interest	36 months / interest
500	2% per month (26.8 % APR)	£90 Int. £35.35	£47 Int. £67.83	£33 Int £101.67	£27 Int £130.83	N/A
1000	1.5 % per month (19.2% APR)	£176 Int. £53.04	£92 Int. £99.83	£64 Int. £148.02	£50 Int £197.83	N/A
1500	1.5 % per month (19.2% APR)	£264 Int. £79.56	£137 Int. £150.88	£95 Int £224.74	£75 Int. £296.74	£54 Int. £454.97
2000	1% per month (12.7% APR)	£345 Int. £70.60	£178 Int. £132.16	£122 Int.195.30	£94 Int £260.00	£66.50 Int. £390.93