LOANS

The low cost RCU loans are available to its members only (Not a member yet? Click here). Members who have been saving with us on a regular basis can apply for a loan intended for any worthwhile purpose. We aim to provide loans to as many of our members who need them, depending on the funds available with us.

We generally ask you to book a loan appointment with us, one of our loan officers then takes you through the loan application process and offer advice on related queries. Appointments can be made by a phone call or by calling at one of our collection points.

Benefits of borrowing from RCU

• Low interest rates: By law we cannot impose interest rates more than 2% per month on the reducing balance of the loan. Interest is charged on the reducing balance of the loan. This means that the amount of interest you pay decreases as you pay back the loan.

  Example of a low cost loan from RCU:
   
  Riverside Credit Union: Loan repayment illustration
   
  

  Loan amount	Interest due	Weekly repayments	Total due
  £100	£12.18p	50 weeks @ £2.25p Final payment £1.93p	£112.18p

  
  

  Know the cost of your loan: Please call us at 0151 448 0565 to find out the cost of your loan.

• Flexible lending: Borrow any amount ranging from £100 to £5000.
• No hidden charges: There is no penalty for paying off loan quicker than the agreed repayment terms. There is no fee or banking charge involved.
• Easy, safe and transparent : Our loan officers treat every application very carefully and in extreme confidence never encouraging you to borrow more than you can comfortably afford to repay.
• Convenient and flexible repayment terms: choose to pay weekly/fortnightly/ monthly. Your income is considered while making repayment decisions.
• Free loan repayment protection Insurance: This is an exclusive benefit of borrowing from a credit union while other institution may charge you for insurance. Every loan is insured by a free loan repayment protection scheme, which insures that in the event of death, the outstanding loan would be paid off.
  • Loan Protection Insurance is provided by the CUNA Mutual Insurance Society, up to the day before 80th birthday of a debtor
  • Upon the death of a borrower the Loan Protection Insurance will repay his/her loan up to a maximum limit of £7000.
  • A member does not qualify for insurance on a loan if it was made on or after his/her 80th birthday.

All loans are subject to terms and conditions.

How to apply?

Members can book their loan appointments over the telephone (0151 448 0565) or calling at one of our collection points.

Not a member yet?

Click Here