Typical Loan Example

Loan Amount:      12 Monthly Repayments        Total Repayments         Total Interest paid
£500                  £45                                    £527.07                      £27.07

Loan Amount:       6 Monthly Repayments        Total Repayments         Total Interest paid
£250                   £43.14                              £258.82                      £8.82

Loan Amount:       52 Weekly Repayments       Total Repayments        Total Interest paid
£500                   £10.22                               £531.16                      £31.16

To qualify for a loan you must be a member with Southend Credit Union and be a regular saver saving consistently for a minimum of 12 weeks.
The maximum first loan we can offer is £500, when this has been repaid within the agreed term set to suit to your needs we can then offer you up to 3 times the amount saved eg. (save £300 and you apply for a £900 loan). Loans of under £200 must be repaid within twelve months and all loans will be subject to approval. We do carry out credit checks on loan applicants and any loans are subject to negotiation, co-operation and sensible money management.
Your loan is set an interest rate of 1% per month, or 12.68% APR. In addition, there are no hidden fees or penalties should you wish to repay the loan early-in fact you save on interest payments. Loans are covered by life insurance subject to conditions so that should anything untoward happen the loan will be repaid.