* The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with the credit union.
* All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authorative or legally binding.
* All information contained on this web page is correct at time of publishing. The Credit Union accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
* All repayment values are inclusive of interest.
For a list of Frequently Asked Questions, read the loans FAQ here
This loan requires an element of savings to support the application. Members need to save for a minimum of ten consecutive weeks (or two consecutive months) before applying for a "save as you borrow" loan. Members can then apply for loans of up to 3 times the amount they have saved, and those savings will be held in lieu for the duration of the loan.
Maximum loan term is 3 years for the first loan and 5 years for subsequent loans.
Here's an example of what you will expect to pay. To help you decide, we have put a price comparison with Provident:
|Lender||Amount of loan||Weekly Payment||Interest charged||Total||APR|
|Newport Credit Union||£500.00||£11.49||£97.02||£597.02||42.6%|
|Lender||Amount of loan||Monthly Payment||Interest charged||Total||APR|
|Newport Credit Union||£7500.00||£158.25||£1994.85||£9494.85||10.1%|