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Tel: 0845 634 9901 Fax: 0131 225 9909
1. How do I become eligible to apply for a loan with Capital?
Once you start saving with Capital Credit Union you automatically become eligible to take advantage of our fantastic borrowing facilities. This simply means that you won’t have to worry about spending your savings to meet any immediate needs that may arise. Not only are our lending rates extremely competitive, they also come with a wide range of additional features & benefits. Click here to see what Features & Benefits are available to you!
2. How much do your loans cost and how much can I borrow?
Firstly, there are NO arrangement fees with any Capital Credit Union Personal Loan. The absolute maximum that any credit union in the UK will charge is 26.8% APR. Accordingly Capital Credit Union offers varying interest rates depending on the loan value and type of loan with the lowest rate offered at 6.9% APR. As a member you can borrow up to £15,000 dependant on our terms and conditions.
3. Do you also offer secured loans and mortgages?
Yes, we also offer a secured loan and mortgage facility at 4.75% variable rate. The maximum an individual can usually apply to borrow in these circumstances is 85% of the value of the secured item i.e. the property. However, applications outwith this limit can be considered on an ‘out-of-policy’ basis. Please contact our office for further details.
4. What if I want to repay my loan early?
No problem! If you wish, you can pay your loan back early at no extra cost, we have NO early repayment charge.
5. Can I withdraw my shares when i have a loan outstanding?
Share withdrawals are not permitted while a member has a loan except where the share balance is higher than the loan balance. If this is the case the member can withdraw an amount in shares to the level where the shares and loan balance are equal. When a member signs a loan agreement they are agreeing that Capital Credit Union may hold their shares as security against the loan. This includes shares accumulated after the date the loan is granted.
6. Interest NOT front-loaded, what does this mean?
Unlike other financial institutions, interest on loans with Capital is not ‘front-loaded’. This means that your interest is calculated daily on the amount that you have outstanding. Hence, you pay less in the long-term!
7. How do I pay back my loan?
It’s easy. You agree your repayment terms and we simply transfer the required monthly amount from your regular savings deposit. Remember, we still ask you to save a minimum of £1 per week in addition to your loan repayment.
8. Responsible Lending
In line with the ethical values of the credit union movement, Capital is a responsible lender and will not intentionally put our members into more debt than they are able to cope with. Accordingly, a compromise loan offer may be made to some applications that would otherwise be denied.
9. FREE Life Insurance with Loans!
Capital's personal loans receive FREE life insurance (subject to our terms and conditions), so in the event of your death your next of kin and relatives would not be burdened with any repayment demands. Just get a quote and see how much other organisations charge for this service.
