Loan Interest Rebate
In the event of the Credit Union having a surplus of income at the end of the financial year, the Directors will decide how this will be returned to the members.
A dividend on savings and a rebate of interest may be declared. The rebate of interest is usually on average 15%, however it could be lower or higher. This amount of interest rebate has the effect of reducing the annual percentage rate from 12% to approximately 9%.