This loan gives you the option to grow your savings at the same time as repaying your loan so at the end of the loan period you have the same amount in savings as you have borrowed! All loans are paid back over 22 months.
So, for example, if you are borrowing £2,000 towards a new central heating system and you pay £200 per month, after 22 months you will have paid off your loan and have £2,000 saved. (Total interest paid £399.98.) Monthly repayments are easy to calculate as you simply divide the amount of the loan required by 10. Each month your payment will be split between your loan and share account. Interest is calculated at a simple annual rate of 10.93%.
|
Loan Amount |
Monthly Payments |
Total Interest |
Total Saved |
|---|---|---|---|
| £500 | £50.00 | £99.97 | £500.00 |
| £1,000 | £100.00 | £199.97 | £1,000.00 |
| £5,000 | £500.00 | £999.07 | £5,000.00 |
Please note the maximum savings you can hold with us at the current time is £15,000. Examples given are for illustrative purposes only. A personalised quotation will be prepared for you on application.
| Tuesday | 9.45am to 2.15pm |
|---|---|
| Thursday | 5pm to 7pm |
| Saturday | 9.45am to 2.15pm |
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Manx Credit Union Limited is licensed by the Isle of Man Financial Services Authority. Registered No: 000001U under the Credit Unions Act 1993.
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