Loans | Cashfields Credit Union, Ashfield District

Cllr Steve Carroll and Director, Margaret Carter, at the recent opening of our New Cross Collection Point, Outram Street, Sutton-in-Ashfield

Cashfields is a community savings and loan co-operative run for and by the people of Ashfield. We provide a safe and convenient way to save your money and access to low-cost loans if you need them. We also provide free life insurance.

Have a look through our website to learn more about our services or you can always give us a call on 0115 9521455

Credit Union Facts

~ 18,000 people now hold current accounts run by Credit Unions.
~ At the end of 2008 1.7 million current accounts had been made.
~ In 2008 Credit Unions in the UK provided services to 638,000 adult members and 100,000 children and young people.
~ Worldwide there are 172 million members of credit unions.
~ Most of the adult population of the UK are eligible to join a Credit Union.

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Credit Union Loans

The current loan policy says that members must be over 18 and have saved for at least 8 weeks before applying for a loan. First loans can be up to 3 times shares up to a limit of £300.

Members are encouraged to continue saving while repaying a loan, even if it not as much as before.
Second and subsequent loans can be up to 4 times shares up to a limit of £2,500.
Members with a poor credit history can start from scratch with Cashfields by saving regularly to prove that they can afford to repay a loan.
The interest rate is 1% per month on a reducing balance (APR 12.7%)

What you can borrow depends on your savings record, your repayment history and your ability to repay. We will come to an agreement about how much you need and how much you can repay over what period.

These are just some examples:

Example 1

1st loan of £200 for a fridge at £4.24 per week for 50 weeks.

Total repayment only £211.99

If you pay £7 per week and put the difference into shares, by the end you would have saved £138.

Example 2

2nd loan of £800 for new carpets at 9.86 per week for 90 weeks.

Total repayment only £886.81.

If you pay £11 per week and put the difference into shares, by the end you would have saved £102.60.

Example 3

3rd loan of £2,000 for a used car at £94.15 per month for 24 months.

Total repayment only £2,259.52!

If you pay £100 per month and put the difference into shares, by the end you would have saved £140.40.

There are no set up fees and no penalties for early repayment. Loans repaid over shorter periods of time will cost less in interest.

Tips for good borrowing

Compare these examples to other lenders.
Always ask for the interest rate, the APR and the total amount you will pay before you borrow.
Think twice before signing an agreement that includes insurance. It is often cheaper to insure the contents of the whole house than one thing at a time.
Payment protection insurance is not suitable for everyone. Check that it covers your circumstances.

Watch this space for new loan products and changes in interest rates as both are currently under review.

Members who have difficulty repaying a loan must contact the office. There are things we can do to help but in the end the loan must be repaid as it is other members’ savings. Don’t put it off – talk to us.