standard loan

Our standard loan is effectively an unsecured loan and can start as low as £10. The APR on this loan is 12.68%, but because it is based on the reducing loan balance, repayments compare favourably with loans from banks and building societies which are based on a lower APR.

To see how the way we work out interest on loans effects repayments take a look at Table A which highlights the cost of borrowing from Newry Credit Union as opposed to banks and building societies.

Table B compares repayments on a loan taken from Newry Credit Union as opposed to a typical doorstep lender, many of whom are operating in Newry charging APR rates of up to 500%.

Table A

£3,000 Loan Over 3 years	Newry Credit Union	*Nationwide Building Society**	Ulster Bank
APR	12.68 percent**	13.9 percent	28.9%
Repayment Per Month	£100.63	£114.75	£145.52
Total Amount Repaid	£3622.32	£4131.00	£5238.72
Insurance	Yes - Free Insurance Included	Yes - Cost Of Insurance Included	Yes - Cost Of Insurance Included
Source: www.nationwide.co.uk on 18th May 2007 *APR figure for Newry Credit Union does not include interest rebate figure which for 2006 is 25 percent. This would reduce the cost of the loan even further.

Table B

£500 Loan	Newry Credit Union Limited (over 56 weeks)*	Provident Personal Credit (over 55 weeks)**
APR	12.68 percent	177 percent
Repayment per Week	£9.49	£15
Total Amount Repaid	£533.64	£825
Insurance	Included	None Available

* APR figure for Newry Credit Union does not include interest rebate figure

which for 2006 was 25 percent. This would reduce the cost of the loan even

further.

** Source: www.providentpersonalcredit.com

To obtain information on how much your repayments will be, click here to go to our online loan calculator. Alternatively call into our office or contact us on 02830 263840.

Loan Calculator	Events Calendar	Publications
Use our loan calculator to see just how affordable a Newry Credit Union Loan can be Click Here	Keep up to date with all the goings on in Newry Credit Union with our events calandar Click Here	Missed an annual report or newsletter, don't worry you can grab a copy in our publications section Click Here

standard loan

Loan Calculator

Events Calendar

Publications

Use our loan calculator to see just how affordable a Newry Credit Union Loan can be Click Here

Keep up to date with all the goings on in Newry Credit Union with our events calandar Click Here

Missed an annual report or newsletter, don't worry you can grab a copy in our publications section Click Here