From the 17/09/16 we've changed our loan interest rates, as well as changing some of the other features of our products.
All of our loan interest rates are still fixed for the term of the loan, there are no application or acceptance fees to pay, and you can repay early at any time without penalty.
We also offer repayment frequencies to suit you - monthly, fortnightly, weekly and four-weekly payment terms are all possible with BCU.
We've extended the product so it's now possible to borrow up to £2,500. The interest rate remains the same for loans below £1,750 (42.6% APR representative), and a new rate of 32.9% APR representative applies for loans between £1,750 and £2,499.
The acceptance criteria remain the same and are the most flexible of our loan products - see the Everyday loan page for full details. We save borrowers lots of money versus high cost payday and doorstep lenders.
The minimum loan value for our Personal loan is now £2,500 and the interest rate for £2,500 to £4,999 is 20.9% APR representative.
For loans between £5,000 and £7,499 the rate is 14.9% APR representative, and for loans of £7,500 and above we've cut the rate slightly to 9.9% APR representative. More details on the Personal loan page.
Eligibility remains the same - see the Advantage loan page for full details - but the interest rate is now just 4.9% representative APR, for loans of £7,500 to £15,000.
Employer Partner loan
Borrowers who work for one of our Employer Partners continue to benefit from lower interest rates, subject to some conditions - see the Employer Partner loan page for full details.
We've introduced a new minimum loan amount, so Employer Partner borrowers can now borrow from £100 to £1999 at 22.9% APR representative.
The rate for loans from £2,000 to £3,999 is now 15.9% APR representative, and for loans from £4,000 to £7,499 it's now 9.9% APR representative. And finally, for loans of £7,500 and over the interest rate is now just 4.9% APR representative.
Please don't hesitate to let us know if you have any questions about these changes. We've aimed to strike a fair balance between the costs of making our loans and the interest earned, as well as reflecting the changing needs of our members and the current low interest rate environment.
The more people who borrow from BCU rather than elsewhere the better it is for us all, so do get in touch to see if we can help you borrow locally.
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