The Credit Union for Taunton Deane and West Somerset

Moorvale C/O Taunton YMCA Lisieux Way Taunton TA1 2LB FSA Number 213935 Phone: 01823 336425 We are not manned full-time but are open to receive payments on Fridays 11-12.  Interviews for loans can be arranged at the same time, please telephone in advance.  If no answer, please leave a message and we will get back to you. Email: moorvale@fsmail.net Loan Repayment Table The figures below are intended for guidance only, and apply only to loans made to members who have appropriate shareholdings (savings) so qualifying for the 1% rate of interest.   Weekly Repayments (to nearest 10p) Initial Loan One year Two years Three years £100 £2.10 £1.10 £0.80 £200 £4.10 £500 £6.20 Low Cost Loans                                                                                              Home Why borrow from Moorvale? Interest charges are small.  You pay back less, and for a shorter time, than to other lenders.  We can keep interest rates low because we have very low overhead costs and our profits belong to our members. How much can I borrow? The amount you can borrow depends on how much you have saved. The more you save, the more you can borrow.  Normally you should have saved for at least 8 weeks, and the initial loan can be twice the amount saved)  For example if a new member saves £10 per week for 8 weeks, giving £80 in shares, an initial loan of £160 can be arranged. How much Interest? The rate of interest is as important as the size of the loan.  Even modest loans from some lenders can come with such a high rate of interest that you never pay it off and get deeper and deeper in debt.   We charge a very low 1% per month (12.68% APR) for loans backed by shares.  This is much less than the interest rates charged by doorstep lenders and catalogues. How do I repay? Repayments can be made weekly or monthly; by bank standing order, payroll deduction or in cash at collection points.  For the loan of £160 in the example above, a regular weekly repayment of £1.30 would clear the loan in three years.  However many of our members would continue paying £10 weekly but split this amount between savings and loan repayments.  Using the same example loan of £160 the £10 weekly payment might be divided into £2 for the loan, and £8 towards more shares.   The advantage of this arrangement is that as the number of shares increases further 'top-up' loans can be arranged if needed. Can a loan be Increased? Members who take out a loan and continue to save as well as repaying their loan may qualify for an additional loan before the first one has been repaid.  This applies because what you can borrow depends on your savings.  When a further loan is arranged, regular payments - and how they are split - will need to be reviewed in order to allow the total loan to be paid off within the next three years. What if I fall behind with repayments? We are keen to work with members for mutual benefit, and are prepared to be flexible where genuine difficulties prevent loans being repaid on the normal agreed basis.  However, if arrears mount up and all attempts to reach a satisfactory solution fail, we reserve the right as a last resort to take court action.  What Is covered by Life Insurance? Loans are covered by life insurance at no cost to members.  If the member dies the loan, less any arrears, is paid by the insurer, so there is no outstanding debt.  Shares however are paid into the member's estate and distributed according to the member's will.  Back to Home Page