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Please click here for independent money advice.

The Association of British Credit Unions (ABCUL) have published a list of free debt advice. You can see the list by clicking here.

The loan calculator below will give you an estimate of what your loan would cost you if you were paying an interest rate of 1% a month on the reducing balance.

Simply choose the amount you would like to borrow, how often you would like to make your repayments, and how many months you would like to borrow the money for. The loan calculator will estimate what each repayment will cost you, the total amount you will repay and the total interest you will pay over the period of a credit union loan.

Please click this link to use a Credit Union calculator.

Credit Union loan example Ė Kevinís flat Kevin has been a credit union member for six months and has saved £450 by standing order at £75 per month. He borrows £900 over 12 months as a deposit for a flat. His monthly repayment is £79.97 including interest. He continues to save £20.03 per month as well and increases his standing order to £100. After 12 months the loan is repaid in full costing just £959.57.

Meanwhile his savings have increased to £690.36. Next time he could borrow over £2,000. Perhaps to buy himself a car, or to help with the costs of a higher education course.

If there is an emergency, the Credit Union would look very sympathetically at a loan request. Remember, one loan can never solve all your day to day financial problems, so it is within a memberís best interests to have a good payment/repayment record with the Credit Union.

There is no penalty for early repayment of a loan, and indeed, as interest on loans is repayable on the outstanding balance per repayment period, this would reduce the total interest paid. The current rate of interest is 1% on the outstanding balance weekly/monthly, which is equal to an APR of 12.68%



Pentecostal Credit Union Limited Tel: 0208 673 2542 Email: Web:
Address:15 Oldridge Road LONDON SW12 8PL
Authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential Regulation Authority FRN: 213242