|Payroll PLUS Loan||35 Monthly Repayments||Final Repayment||Total Charge for Credit||Total Repaid||Representative APR|
How to apply
Become a member (if you’re not one already)
Fill out the Loan application form
Fill in the payroll deduction mandate with the agreed amount
All loans offered are subject to status and eligibility criteria, including an affordability check and credit references. The interest rates offered will depend on your own circumstances, and high value loans may require higher credit ratings.
While you have a credit union loan, you must continue to pay at least £1 weekly or £5 monthly into your savings.
Benefits of a Stockport Credit Union Loan
- Interest is calculated daily on your reducing balance
- You can pay off your loan early or make extra payments without penalties
- There are no set up or administration fees
- You can save at the same time as repaying a loan
- You can repay by Standing Order, Cash or Cheque, and if you have a Payroll Loan you can repay it directly from your salary
- Grow your savings at the same time as having a loan, work towards financial independence
How does the interest work?
Interest on loans is charged monthly on the declining balance.
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.
You may be offered a different interest rate based on your personal circumstances or previous repayment history.
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?
Lending decision and APR is subject to credit status and affordability criteria.