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Borrow from £300 to £500
Available until mid-December only.
If you need immediate funds to help survive the festive season and are not yet a member, do not worry - our instant Christmas loan can help you. It is charged at a higher rate than normal, but you do not need to have saved for three months before borrowing. Please complete a Membership Application Form.
Conditions
You are employed by, or receive a pension from a public sector organisation.
All payments must be made through payroll - if your organisation is not a Suffolk Credit Union Payroll Partner please complete a Bank Standing Order.
The loan must be repaid over 12 months.
You must save a minimum of £10 a month or more on top of your loan repayment.
You are not eligible for any other loan until this loan is repaid in full.
Benefits
• Free Loan Protection
• Free Life Savings
• Fixed interest rate of 25.9% APR
• Your savings grow as you repay the loan
Examples of Loans and Repayments
| Loan Amount | Monthly Payroll | To Savings | To Loan Repayment | Total Interest Charged Over 12 Months |
| £300 | £38 | £10 | £28 | £40.36 |
| £400 | £48 | £10 | £38 | £53.81 |
| £500 | £57 | £10 | £47 | £67.28 |
There is a one-off £5 membership fee which enables you to be a co-shareholder in Suffolk Credit Union.
Once you have repaid your loan, you can either withdraw your savings, or leave them intact and have a loan of four times the amount you have in savings at the normal member rate of 12.7% APR. Or you can leave your savings in your account to earn a dividend.
Download a Loan Application Form Here