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White Haven & Egremount and District Credit Union
Kreditunion Whitehaven, Egremont & District provides its members with a loan facility. We base our credits on a member's capacity to make periodic deposits into his life insurance policy to demonstrate that he would make periodic loan refunds. Discount rate: The interest for our Credit Union loan is floating on the reduced amount of the loan.
Initial loan: Members can request their first loan after 10 week affiliation, provided they have made at least 8 payment per week or 3 payment per month. Thereafter, a member is entitled to lend up to a doubling of his equity up to a limit of £500. If, for example, you have a £100 equity, we would lend you £200.
Third-party and following loans: Provided that the conditions of all prior loan agreements have been fully and unconditionally satisfied, you may request a further loan of up to three ( 7,500) times your principal which will be redeemed within 3 years. Please note: To redeem a check, you must present your identity card in the format of a valid ID card, driver's license or electricity bill.
As well as our own cooperative loan facilities, we also provide the option of obtaining an immediate loan in an emergencies situation. Applicants who are not already members of the cooperative must join at the time of the interviews. The interest on these credits is 2% per months on a reduced account corresponding to 26.82% APR.
The loan must be paid back within 12 moths of being granted and any new loan will be granted for a total of £250. Now we are offering fiduciary lending to members who fulfil the following criteria: Those mortgages are backed against equity, and the annual percentage rate of charge is lowered at a 9.9% or 0.825% per annum to the lower net amount.
A loan can be paid back over a period of up to 3 years. Main advantages of taking out a fiduciary loan are: