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What is a Credit Union?

03rd March 2021

Credit unions are non-profit, member-led financial institutions that offer an alternative to commercial banks, building societies and payday lenders. They provide virtually the same financial products as banks do, such as loans and savings accounts, but usually with lower loan interest rates and they aim to pay a dividend on savings if profit is made.

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WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How much would you like to borrow:

£150
£300
Your repayment date is:
Total amount to be repaid:
£ 363.97
Annual percentage rate:
2573 % APR

Representative Example: £300 loan for 18 days at a fixed interest rate of 290% pa. Total amount payable is £342.90 in one single repayment. This is based on the amount of credit plus interest, no other fees apply. Representative 1403% APR

Representative Example: £250 loan for 3 months at a fixed interest rate of 290% pa. Total amount payable is £321.51 in monthly instalments of £93.26, £124.38 and £103.87. This is based on the amount of credit plus interest, no other fees apply. Representative 1288% APR


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