St Albans District
Encouraging savings and providing an alternative to high interest door step and other lenders, Total loans made in the past ten years now exceeds £1.3 million.
Who can apply for a loan?
Anyone. If you are not yet a member you will have to join the Credit Union before we can issue a loan.
How much can I borrow?
You can borrow up to £5000. However if your only income is benefits that sum is limited to £500. Other restrictions may apply.
When can I apply for another loan?
You can apply for another loan when you have repaid at least half of your current loan by regular instalments. Any new loan will normally pay off the existing loan so that you only have one simple repayment to the Credit Union
What interest do I pay?
The interest rate charged will range from 12.68% APR (1% per month) o 26.8% APR (2% per month) subject to status.
How do I repay my loan?
To avoid missing a payment loans are normally paid by standing order. Other options are available, please ask.
Can I repay my loan early?
Yes. There are no early repayment penalties. You can clear your loan early by either a one off payment or by increasing your regular repayments. As interest is calculated on the monthly outstanding balance, this will reduce the interest you pay.
Must I take out Life Insurance Cover?
Subject to terms and conditions, free life insurance cover is included with each loan.
Loan Application Forms
Application form and a Loan Guide are available from any St Albans District Customer Centre or by downloading from our main (non mobile)web site: www.stadcu.org