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St Albans District Credit Union
There is a local Credit Union
Anyone who lives or works in St Albans District. Pay a registration fee of £2 and make an initial savings deposit. All Members can develop the savings habit including children and young people under the age of 16. Those over 18 years of age can receive loans providing they have a ability to repay the loan. Personal loans are also available for the start-up or development of small businesses in the St Albans District. There is a maximum amount of £5,000 for both savings and loans for any one individual. All savings and loans carry FREE life insurance.
Are Savings secure?
All Credit Unions are regulated by the Financial Services Authority. The St Albans District Credit Union also belongs to the Financial Services Compensation Scheme that guarantees that investors will receive 100% of their savings up to £2,000 and 90% of the remainder up to the maximum £5,000 that can be saved with the Credit Union.
What are the costs of a Loan?
No hidden costs, just repayment of the sum borrowed plus interest 1p for each outstanding pound per month. As an example £500 borrowed, and repaid over 24 months, would involve monthly repayments of £23.54 and a total cost of £564.96. There is no penalty for early repayment and interest is calculated on a day to day basis.
The above information has been provided in good faith - for a fuller explanation visit the link above.