Loans From ERCU

"Loans from East Renfrewshire Credit Union"

Which loan?

Taking out a loan with high street lenders can be a confusing experience, particularly with the number of loan providers and types of loans that are now available. Comparison of the true cost of a loan can be difficult to calculate. Obtaining a loan with your credit union makes sense, the loan will be fully explained and the crucial questions to ask when taking out any loan will be highlighted.

How do I compare the cost of loans?

Total cost is the only fail-safe way of comparing loans from different providers. This should include all repayments, set-up costs, transaction charges or redeemable charges. If the rate is variable and not fixed over the term of the loan the total cost will be affected. Remember there are no hidden costs with an East Renfrewshire credit union loan but there may be with any other loan – don’t get caught out!

What about APR?

APR stands for Annual Percentage Rate and is the mathematical method of expressing repayment costs; it should reflect all the costs involved. Bank interest rates can change and alter the APR for many loan providers. East Renfrewshire Credit Union is different; our APR is a maximum of 19.56% (1.5% per month on the reducing balance).

What about Insurance?

Each credit union loan receives life insurance at no extra cost (terms and conditions apply). The loan will be paid off in full in the event of your death; this is one of the unique features of East Renfrewshire Credit Union.

Loan Forms

(For Loans higher than shares):

Unsecured Loan Application (99.5kb)

(For Loans up to the value of credit union shares):

Secured Loan Application Form (59.7kb)