Loans with Red Kite Credit Union
The credit union can issue loans only to members as the loans are governed by Credit Union Law and not, except in certain cases, by the Consumer Credit Act. You must also be 18 or over. This is a legal constraint.
If you are a member and require a loan from the credit union, nothing could be simpler (and safer). First contact our Red Kite Credit Union representatives at one of the service points or by telephoning: 01982 551000 or 01597 824000, or you can send a request using the enquiry form in this site (N.B. This is by email and may not be secure).
Our standard interest rate is 1.5% per month, an APR of 19.68%.
Interest on the loan is charged at each repayment on the
balance outstanding at the time of the repayment, the interest thus reducing
as the loan is paid off. Total interest paid will vary if repayments are early or late
or if the amount is less or more than the exact agreed amount.
Flexibility is a part of our service.
As an example a loan of £100.00 paid back weekly and regularly over a year will cost approximately £9.40 in interest. This rate applies to any size of loan.
See 'Loan tables' for examples of repayment schedules. Go here to download a copy of our Loan Guidelines. These are guidelines - if you have special circumstances do not be afraid to ask. Anything you tell us will be held in confidence under the Data Protection Act.
A loan application form can also be found there
Loans can be from as little as £40 up to £7,500 (unsecured balance *) with flexible repayment terms. Loans are automatically covered by life insurance at no extra charge subject to an age limit, currently 80. * i.e. in excess of savings balance.