Credit Union or bank?

Reasons why joining and using a credit union is better than a bank

Here in Angus we have a range of financial providers to choose from. Angus Credit Union and the multinational banks both offer saving and loan facilities – so how are you going to choose which one to use?

Here are a few things to consider about our credit union:

1. Angus Credit Union is much more concerned with helping people to develop a balance between saving and borrowing, than just wanting to make money out of people – banks are more interested in just encouraging people to borrow.
2. Angus Credit Union is willing to arrange  small loans for our members  – banks only want you to take out a loan if it is for a larger amount, otherwise they want you to use a credit card or an overdraft. Neither of these helps  you to establish a pattern of regular repayment, which is the most effective way of paying off a loan; banks would prefer you to be continually in debt.
3. With Angus Credit Union, loan repayments are structured so that as you  pay each instalment, a small proportion of the repayment goes into your savings. At the end of the loan repayment period, you have paid off the loan and also have more money in your savings. Banks don’t do this.
4. Angus Credit Union loans come with inbuilt loan protection insurance, so that if you die while the loan is still being paid back, no-one else is left with the burden of paying back the loan. Any sort of loan protection insurance from  a  bank costs extra money; with a Angus Credit Union this is provided at no extra charge to you.
5. Angus Credit Union is a responsible lender; we won’t offer you a loan that you will struggle to repay. The global financial crisis showed us that banks were willing to lend more to people than they were able to repay. Has anything changed?
6. Using Angus Credit Union is keeping local money circulating in the Angus local economy; using a bank means that the profits are going outside the local economy to the shareholders of the bank, which are usually other big  corporations. Angus Credit Union is owned and operated by its members for  their own benefit  -  there are no external shareholders, and any surplus that the credit union creates is returned to the members.

If you live or work in Angus, make a smart move with your money – use Angus Credit Union instead of a bank for safe savings and affordable loans.

Loans in Montrose

Loans in Montrose – a guide to getting a better deal

People living and working in Montrose – if you are looking for loans in Montrose, where would you go? After searching on Google for loans in Montrose, one of the first search listings offered the following companies as doorstep lenders in Montrose:

Provident Personal Credit – 272.2%

Loans at Home 4U – 399.7%

Greenwood Personal Credit – 433.4%

Shopacheck – 399.7%

Morses Club – 469.8%

You have another choice for loans in Montrose !

When you actually look at the interest rates these companies are offering for loans in Montrose it’s difficult to see why you would choose to spend 21 – 37 times more in interest than choosing a loan from Angus Credit Union. Angus Credit Union typically charges 12.68% APR, and we only charge on the reducing balance of the loan. We don’t add all the interest onto your loan up front!

Angus Credit Union doesn’t offer doorstep loans in Montrose, but we do serve the Montrose area from our Forfar offices, and can arrange loans in Montrose quickly and efficiently. We offer Starter loans in Montrose (up to £100) which can be paid out to you ASAP, as well as larger loans based on your savings with the Angus Credit Union.

Here is a comparison of our Starter loans in Montrose

Example  Loan Amount Term Repayment Total to Repay Total Interest Interest Rate Angus Credit Union £100 12 weeks £8.51 £101.99 £1.99 12.68% APR Provident Personal Credit** £100 14 weeks £9.00 £140.00 £40.00 1068.5% APR

**Interest rates correct as of May 6th 2011

How can you apply for our Loans in Montrose?

Our low cost loans in Montrose are available to members of Angus Credit Union. You can complete a quick  Membership Application form, and a Loan Application Form. We do need some proof of identity, so once the forms have been completed you’ll need to provide us with that information, but the whole process can be completed quickly, and you’ll soon have your money for your loan.

Call Angus Credit Union on 01307 463388 to discuss loans in Montrose, and we’ll be glad to help you in any way we can.

Loans in Montrose from Angus Credit Union – why go to a doorstep lender when there’s a lender on your doorstep?

 

 

 

Loans in Arbroath

Loans in Arbroath

If you live in Arbroath then you might need to find loans in Arbroath. When choosing a loan there are different options, but most of them are quite high in interest. One place you may not have thought of is Angus Credit Union.

Angus Credit Union is a non-profit banking institution set up to benefit people who live or work in Angus. We offer low cost loans in Arbroath, which usually are given at 12.68% interest rate. One difference between our loans in Abroath and other loans is that our loans aren’t front-loaded – we don’t add on a pile of interest when you take out the loan.

Here are some sample loans in Arbroath for you to compare:

Angus Credit Union – 12.68%

Provident Personal Credit – 272.2%

Greenwood Personal Credit – 433.4%

Shopacheck – 399.7%

(Interest rates checked on 3rd May. 2011)

As you can see, interest rates for loans in Arbroath vary a lot! Angus Credit Union has a mission to help people in Angus stop paying really high rates of interest and help them get out of debt. Contact ACU today to find out how you can get more information about our low cost loans in Arbroath.

Starter Loans in Arbroath

Fact: Our Starter Loans, which benefit a number of our members, a £100 loan, repaid over 12 weeks only incurs £2.25 in interest!

So, why not give us a call? The next time you are looking for loans in Arbroath, call Angus Credit Union on 01307 463388.

Loans in Arbroath

 

Low Cost Loans from Angus Credit Union

All about our low cost loans

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 low cost loans; this is dependent upon saving pattern, ability to repay and the decision of the Loan Committee.

Am I eligible to apply for your low cost loans?

You have to be a member of Angus  Credit Union* in order to be able to apply for our low cost loans. 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

Low cost loans from Angus Credit Union – Why use a doorstep lender when you have a lender on your doorstep?

* In order to be a member of Angus Credit Union you need to be living or working in Angus. Once you are a member we offer a variety of services including a Savings Account, Low Cost Loans and other benefits including special discounts at local retailers