Website revamp in progress, please use the contact us link above to let us know your thoughts on website content and general site design.
Member Balance Enquiry, you will be able to log in to this website to get up-to-date share and loan balances.
Log in and get a print out of your share and or loan balance, including the last 5 transactions.
Loan decisions are made by the loans panel, appointed by the directors. Their decisions about granting or not granting loans are based on the applicant’s willingness and ability to repay it, so the short answer to this question is: “as much as you can afford to repay.”
The maximum loan currently allowed is £5,000 above your share (savings) holding. Interest (max 2% - min 1%) is only charged on a decreasing balance each day, There are no penalties for early redemption, no arrangement fees, all of which contribute to an excellent service only available to members.
If you took a loan with us today and repaid it back in full tomorrow, all you would pay is 1 day's interest. You do not have to take out a loan to be a member of Caledfryn Credit Union.
Credit unions exist solely to serve their members. Only members can apply for loans. Members are encouraged to continue saving when repaying a loan. This not only helps build up the member's own savings but also contributes to the credit union’s savings pool enabling us to grant loans to more members within the community.
"That's what I like about it. They encourage you to save whilst you pay your loan back. You're not just borrowing more and more and getting more into debt, you have to save as well!" (Comment from market survey carried out in June - September 2001 by Beaufort Research).
For small loans, the cost of borrowing with our Credit Union over a 52 week period at 26.8% APR is illustrated below:
Interest at 2% on a decreasing balance each day with no penalties for early redemption and no arrangement fees contribute to an excellent service available to members. If you took a loan with us today and repaid it back in full tomorrow, all you would pay is 1 day's interest.
Loan Amount |
Weekly Repayments |
Life Insurance |
Total Repayment |
Cost of Loan |
£100 |
£2.17 |
Free |
£112.69 |
£12.69 |
£300 |
£6.51 |
Free |
£338.08 |
£38.08 |
£500 |
£10.84 |
Free |
£563.53 |
£63.53 |
£1,000 |
£21.68 |
Free |
£1,127.06 |
£127.06 |
For a larger loans, the cost of borrowing with our Credit Union over a 24 month period at 12.7% APR is illustrated below:
Loan Amount |
Monthly Repayments |
Life Insurance |
Total Repayment |
Cost of Loan |
£2000 |
£94.15 |
Free |
£2259.51 |
£259.51 |
£3500 |
£164.75 |
Free |
£3954.15 |
£454.15 |
£5000 |
£235.37 |
Free |
£5648.80 |
£648.80 |
Why not compare these to other lenders' rates - we can't be beaten for rates and personal service. If you have access to the internet, try www.lenderscompared.org.uk
The maximum loan currently allowed is £10,000 above your share (savings) holding.
You do not have to take out a loan to be a member of Caledfryn Credit Union.
Step 1: Collect a loan application form from our Credit Union office or any collection point. Alternatively download a form from this site.
Step 2: Complete the application form as far as you can then take it, along with the proof of income and expenditure requested, to the office or any collection point for discussion with a credit union official. We will answer any queries you may have.
Step 3: Your application will then be considered by members of the Loans Panel who will make a decision. Each application is considered on its own merits and if refused, reasons for refusal will be given.
Step 4 : If your application is successful, you will be notified and can call at the office or collection point for your loan. You will be provided with a copy of the loan agreement and will be expected to make regular repayments as agreed. In addition you will be expected to continue saving whilst repaying your loan. Under normal circumstances your loan application will be processed within 1 week.