How much do your loans cost and how much can I borrow?

For starters, there are NO arrangement fees with any Angus Credit Union loan. The maximum any credit union in the UK will charge is 2% on decreasing balances. ACU will charge 12.68% APR (1%) on most loans, this is dependent upon saving pattern, ability to repay and the decision of the Loan Committee.

You have to be a member of Angus  Credit Union in order to be able to apply for a loan. Once you have been saving regularly (8 weeks or 3 monthly payments) you are eligible to make a loan application.

As a guide, you can borrow up to 3 times your savings with Angus Credit Union. So, if you have £100 saved, you can borrow up to £300.

Download the Loan Application here

Doorstep Seller: 254.5% APR (correct at 11th March 2010)**

Sum borrowed    £1,000 over 50 weeks

Repayment       £35 per week

Total repaid      £1,750

Total Interest       £750

Angus Credit Union:     12.7% APR

Sum borrowed    £1000 over 50 weeks

Repayment         £21.30 per week

Total repaid      £1065.00

Total Interest       £65.00

This means £685.00 in YOUR pocket

**Figures are taken from http://www.lenderscompared.org.uk , an independant site comparing Loans and loan companies in the UK. The “Doorstep Seller” figures are actual figures from Provident Personal Credit, but there are a number of other similar loan companies who offer rates of interest 230.2% APR – 281.5% APR.

Be informed when you are looking for a loan. Find out the total amount you will actually be paying back to the loan company, not just “£25 per week”. Angus Credit Union offers low cost loans to our members. If you want to find out more, or would like to discuss loan options available to you then call 01307 463388, or contact us by email.

Autumn 2009 saw Angus Credit Union on the TV, with a pre-Christmas commercial.

Smiley Savers is Angus Credit Union’s Junior saving scheme.

Angus Credit Union believes that most young people in Scotland have lost the habit of “saving their pennies for a rainy day”.  The Smiley Savers encourages children to save a little money each week, and has a programme which can be used in local primary schools as part of the financial education part of the school curriculum.

If you are under 16 and wish to become a member (or if you would like to open an account for a young person you know) then please print off the form below and send it to Angus Credit Union.

Smiley Savers Application Form