Loans with Red Kite Savings and Loans
General information
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 Savings and Loans 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.
A lower rate of 1% per month, an APR of 16.7%, applies to loans over £3,000 or that are fully secured by shares.
See 'Loan tables' for examples of repayment schedules at standard rate.
The maximum interest rate that a credit union can charge by law is 3% per month and some credit unions will charge this on small loans. Red Kite Savings and Loans charges 1.5% on the smallest loans so you get a very good deal with us.
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
General Data Protection Regulations (GDPR).
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.