Do you have unexpected costs? Got a car repair bill, faulty boiler, broken washing machine? You might not have heard about Credit Unions before but maybe we could help if you need a loan.
Working closely with other Greater Manchester Credit Unions, we pride ourselves on bringing fair and ethical finance to members of our community.
If you live in Stockport or have an SK-postcode why not apply for a SoundPound Loan with Stockport Credit Union?
About the Soundpound Loan
How much can I borrow?- £200 to £1000
How often do I make the loan payments?- Monthly
What is the repayment period?- 4 – 12 months
What is the Interest rate ?- 42.6% APR
What do we need from you?
You need to be 18 or over to apply, and are more likely to be accepted if:
- You have a regular source of income and would have some money left over after you have repaid the loan.
- You are mostly up-to-date with your existing credit commitments and not in too much debt already.
You are not likely to be accepted if:
- You have had a number of defaults or a County Court Judgement (CCJ) in the last year.
- If you are currently bankrupt or subject to an Individual Voluntary Arrangement (IVA) or Debt Relief Order (DRO).
- You already have a loan with a credit union.
- When applying for our SoundPound loan you become a member of our credit union family.
- The repayments can be arranged to suit you.
- You keep a minimum of £5 in your Stockport Savings Account to retain your membership.
How to apply and next steps
Apply here
If your application is approved, we will send a digital Loan agreement for you to sign. When you have digitally signed the agreement and we receive this back, the loan funds will be deposited into your Bank account.
As long as you are honest on your application and provided us with the information we need promptly, we aim to complete your application with 24/48 working hours.
What other benefits does Stockport Credit Union offer?
Your credit union is a fair and ethical lender
- Our members are our family
- All applications are looked at by real people, not a computer
- The interest rate is fixed for the term of the loan
- No setup or early repayment fees
- Each payment you make adds a little more to your savings
- A loan with your local credit union can help you build or repair your credit rating
- We are a Co Op. Any surplus generated from lending is invested in improving services or shared with members as a dividend- we have no external Shareholders
Need to borrow more than £1000?
Stockport Credit Union offers a range of loans designed to suit you. We offer our loans up to the value of £7,500 and you can borrow as little as £50. We offer different types of loans so you always get the best value from your credit union.
Check out our website for further details
If you need more information, please contact our friendly staff on 0161 430 5808 or by emailing mail@stockportcu.com
Terms and Conditions of the SoundPound Loan
We will do an affordability check to ensure that the loan is affordable for the member.
Applicants must be 18 years old or over.
Credit criteria applies, we will perform a credit check on the member.
Savings will be locked into your Share One (Savings) account until the loan is repaid. We reserve the right to off-set any Share One savings balance against loan arrears.
Any savings in a Share 1 account are ‘locked’ whilst any loan is in place.
How does the interest work?
Interest on loans is charged monthly on the declining balance. Soundpound loans are repaid at 42.6%APR, which is equivalent to 2% per month.
For example, suppose that you borrow £100 from us at 2%. At the end of the first month we will add 2% interest (i.e. £2) and you will owe us £102. If you pay off your loan at £10 per month, at the end of the second month you will owe us £92. We will then add interest on that at 2% (£1.84); and so on.
Do you use credit reference agencies?
We may carry out a check with a credit reference agency and share information with them as long as you hold products with us. If you would like to know more about how we use your information please download the guide below: What happens to my data?
If you have any questions about the forms we’d be happy to speak to you. Just Contact Us.