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Updated 24th Oct 2009 CJS
Loans from South Manchester Credit Union
South Manchester Manchester Credit Union will consider loan applications from members for any worthwhile purpose. We treat each loan application on its own merits. All applications are treated in the utmost confidence. We aim to provide loans to as many of our members who need them, depending on the funds we have available.
Applications for loans are made on a standard loan application form, available from collection points. Assistance with filling in the form can be provided.
Loan applications will be considered by a loan officer. In deciding whether or not to provide a loan, we will take into account your record of savings with the credit union and any previous loan repayments, as well as your ability to repay. Once the loan is agreed, you will be asked to complete a promissory note. This is a legally binding document which is your promise to repay the loan and to commit to regular repayments.
Saving with South Manchester Credit Union
The savings of Credit Unions members are shares in a mutual organisation and these provide the resources for lending to other members. Depending on reserves, shares are eligible for an annual dividend.
You can save as little or as much as you can afford and you will automatically receive free life insurance on your savings.
The value of your shares will affect the amount you will be able to borrow.
After saving regularly for 8 weeks you can apply for a loan. The interest rate is 1% per month on a reducing balance (12.68% ARP). £100 borrowed over a year costs £6 in interest.
We also have a Christmas Club savings account and a Savings account for Junior members.