By law, Larne Credit Union Limited cannot charge more than 1% per month on the reducing balance of your loan. That means a loan of £1000 repaid monthly over one year will cost you a maximum interest of £65. There are no fees or transaction charges. The actual interest may be even less if, at the end of the financial year, we declare a rebate of interest of 10% or 15%.
Loans may be repaid over a period of up to 5 years. We are here to help you at any time and if you find you are having difficulty in repaying, we need you to contact us immediately. It is worth remembering that you can repay your loan in full, at any time, without any penalty or additional charges.
Sample of repayments on £1000 loan
| Years |
Weekly Payments |
Monthly Payments |
| One |
£20.42 |
£88.83 |
| Two |
£10.82 |
£47.05 |
| Three |
£7.60 |
£33.19 |
| Four |
£6.03 |
£26.31 |
| Five |
£5.09 |
£22.22 |
Give us a call.