Frequently Asked Questions
The benefits of borrowing from Angus Credit Union
How do I become eligible to apply for a loan with ACU?
Once you have started saving regularly with Angus Credit Union (8 weekly or 3 monthly payments) and built up a saving pattern then you become eligible to take advantage of our outstanding borrowing facilities up to a maximum of 3 x your savings. Simply put, you do not need to touch your savings to meet immediate needs but can instead borrow at our extremely competitive rates which also include a range of benefits.
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.
What if I wish to repay my loan early?
We say, fantastic! There are NO early repayment charges which means you can pay your loan back early at no extra cost.
Can I withdraw my shares when I have a loan outstanding?
Share withdrawals are not permitted while a member has a loan except where the share balance is higher than the loan balance. When this is the case then the member may withdraw an amount in shares to the level where shares and loan balance are equal. When a member signs a loan agreement they are agreeing that Angus Credit Union may hold their shares as security against the loan. This includes shares accumulated after the date the loan is granted.
What is meant by 'interest not front-loaded'?
Unlike other financial service providers, Angus Credit Union's interest on loans is calculated daily on the amount that you have outstanding. This means you pay less in the long-term and your savings can continue to grow.
Responsible Lending
Angus Credit Union is an ethical financial provider and will not intentionally place a member in more debt than they can afford to service. This may mean that a member may be offered an alternative loan amount (smaller amount) rather than deny the loan altogether.
We do not offer secured loans or mortgages at this time.
Still need more info then email us using from the enquiry page or give us a call.