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Savings Secure Loan

Savings Secure Loan

Check out our Savings Secure loan for members with existing savings over £250.We’re offering our lowest interest rate ever if you secure a loan with the savings already built up in your account. You might want a new car, or a holiday, or to carry out some home improvements. By borrowing rather than withdrawing your savings you have the assurance that you’ll still have savings capital at the end of the loan.

Borrow any amount equal to or less than your savings balance* from £250 up to a maximum of £10,000 at just 5% Flat 5.29% APR
 
  • A short application from and quick decision time

  • No credit check and flexible repayment period of up to 3 years

  • Savings equal to the value of the loan put into a ‘Pledged Savings’ account. These savings cannot be withdrawn throughout the term of the loan and are eligible for a dividend and remain covered under the Financial Services Compensation Scheme

  • Savings available for withdrawal once the loan is repaid and any amount above Pledged Savings at anytime

  • Instant Payment

So why wait? We’re accepting applications by post, by telephone or via our offices in Frankfort Gate or Devonport. Just click here for an application form - fill it in and send it to us.

So why should I not just draw my saving?

  • You will keep your saving and at the same time have the same amount of cash to spend
  • Your loan and savings will be covered by valuable Life Insurance - at no cost to you! Your savings could be increased by as much as 100%* and your loan repaid completely*

* Terms and Conditions apply. Full details available on application.

Loan Information Page

At the City of Plymouth Credit Union, we currently provide two different types of loans. To gain access to either of our loans, you must become a member of the credit union. For more information on how to join the City of Plymouth Credit Union, please see here.

 

Low Interest

 

We have been offering our low interest loans since the inception of the credit union and they provide the cheapest way to borrow money from us. The low interest loan is offered to our members at an interest rate of 12% Flat Rate (12.7% APR ) for loans of £2,000 and over. Loans from £50 to £1999 the interest rate is 24% Flat Rate (26.8% APR ). The amount available is based on the amount regularly saved. As a consequence of this, you must have been saving with the credit union for a minimum of 13 weeks to be eligible for loans at these rates.

 

 

Based on loan over £2000

Low interest loan from CPCU

Flat Rate

12%

Typical APR

12.7%

Length of agreement

52 weeks

Weekly repayment

£40.86

Total interest payable

£124.59

Total repaid

£2124.59

 

Based on loan over £500

Low interest loan from CPCU

Flat Rate

24%

Typical APR

26.8%

Length of agreement

52 weeks

Weekly repayment

£10.84

Total interest payable

£63.65

Total repaid

£563.65

 

Key facts

  • No arrangement fee
  • No early settlement fee
  • Overpayments welcome

 

Wise Finance

 

Within the last few years we have been able to offer our Wise Finance loans to members of the credit union. These are capacity-based loans and so members may apply for the loan without saving with the credit union. Due to this, our Wise Finance loans are charged at an interest rate of 36% Flat Rate  (42.6% APR) and the maximum loan available is £500.

 

Based on loan of £500

Wise Finance loan from CPCU

Flat Rate

36%

Typical APR

42.6%

Length of agreement

52 weeks

Weekly repayment

£11.49

Total interest payable

£97.01

Total repaid

£597.01

 

Key facts

  • No arrangement fee
  • No early settlement fee
  • Overpayments welcome

      Office :  14 Cumberland Street Devonport Plymouth PL1 4DX  t :  01752 201329 or 01752 310698  e :   office@cpcu.co.uk