Save for the Future
Click on Savings to find out more about how we can help you manage your savings.
Check out our Loans area to see how much you could borrow, and use the Calculator below to see how much it will cost.
Get your kids off to a good start. Help them get the savings habit with our First Savers Account.
Save direct from your salary, and you won`t even notice it`s gone! Look under Savings for more information.
If you`re on Universal Credit, then we can help to make sure your rent is always paid. See our Rent First Account in the Banking section.
To be eligible for a Standard Loan you need to be a Member first and to have saved regularly for a minimum of 13 weeks before you can apply for the loan. Loans are granted based on a member's ability to repay the loan, and can’t exceed 3 times the amount of your savings balance.
Members will be required to provide evidence about their income and expenditure and are encouraged to continue saving while repaying their loan (even if it is £1 a week) so that the habit of regular savings doesn't disappear.
The minimum loan amount is £50, and the maximum amount is £7,500.
The interest rate is 1% per month (12.67%APR)
Loans can be granted to any member over the age of 18, over a maximum period of 5 years (which can be re-paid in weekly or monthly instalments). The granting of loans is subject to the availability of funds and the approval of our credit (loans) committee.
How can I find the best loan for me?
Taking a loan out with many of our high street lenders can be a confusing experience, especially with the sheer number of loan providers and types of loan available.
A true comparison of what each type of loan will actually cost is very difficult to do. But, obtaining a loan with Solway Credit Union makes sense; the loan will be fully explained by our staff, and crucial questions you should be asking when taking out a loan are highlighted.
How can I compare the cost of a loan?
Looking at the total cost of a loan, is the only fail safe way of comparing loan offers from different providers. This ‘total cost’ should include all repayments, set up costs, transaction charges or redeemable charges. If the rate is variable and not fixed over the term of the loan, the total cost will be affected. Remember, with a Solway Credit Union loan there are no hidden costs whatsoever, but that may not be the case with a different loan provider. With Solway Credit Union there are no nasty surprises around the corner.
So what exactly is APR?
APR stands for Annual Percentage Rate and is the mathematical way of expressing repayment costs; it should reflect all costs involved in taking out a loan. Bank interest rates can change, and thus alter the APR with many of the other loan providers out there.
Solway Credit Union is different. Our maximum APR is fixed by law, and interest is only charged daily on the reducing balance.
Why borrow from Solway Credit Union?
We charge affordable rates of interest, and will help you to work out sensible repayment terms. All surplus profits are distributed amongst members in the form of a dividend. As a true mutual, all of the surplus is used entirely to benefit the members and the Credit Union.
How much will I be able to borrow?
Solway Credit Union’s policy on lending, is designed to meet the needs of our individual members and is based on their personal circumstances and their ability to repay. For full details please ask a member of staff.
What about insurance?
Credit Union loans are protected by free life insurance at no cost to the borrower. This means that the loan will be paid off in full in the event of your death; this is one of the unique benefits the Credit Union can offer you.
Solway Credit Union | The Hub | 24-26 Friars Vennel | Dumfries | DG1 2RL
CURRENT OPENING HOURS Tuesday 9-5 | Thursday 9-1 | Friday 9-1
T | 01387 267200
Copyright Solway Credit Union. 2014. Site design by Alba Printers Ltd. Dumfries. www.albaprinters.co.uk
Authorised by the Prudential regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Ref No: 213901