Newmains & District CU

We are a financial cooperative based in North Lanarkshire.

Members can now access Credit Unions services from a phone app.

Existing members can quickly verify they are the account holder and sign in.

Using fingerprint login, users can access balance information, apply for a share withdrawal or loan and check for the result of applications.

Unsecured loan interest rate: 12.68% APR (1%monthly, 12% annually) Secured loan interest rate: 6.00% APR (0.5%monthly, 6.00% annually)

Loan term: 3 months to 3 years. (5 years secured)

Non members can apply to join.

The maximum term for an unsecured loan is three years. Unsecured loans have an interest rate of 12% per annum charged daily (APR12.68%) The maximum term for a secured loan is 5 years. Secured loans have an interest rate of 6% per annum charged daily (APR 6%)

A £1000 unsecured loan taken over 18 months would require 18 monthly repayments i.e. 17 payments of £62 with an additional final payment of £49.47 The total cost of the loan would be £96.33 charged in interest and the total sum repayable would be £1096.33

A £1000 secured loan taken over 18 months would require 18 monthly repayments i.e. 17 payments of £60 with an additional final payment of £52.94 The total cost of the loan would be £47.78 charged in interest and the total sum repayable would be £1047.78