Loans
We offer ethical loans to our members.
- No arrangement fees
- No penalties for early repayment
- No hidden charges
PKCU will only offer you a loan if we believe that you will be able to afford the repayments.
To access our loans you must be a member of the Credit Union and, in most cases, have been saving with us for at least 3 months. However we also offer a Freedom Loan which you can apply for as soon as you join the Credit Union.
As far as possible we will aim to set your loan repayments to fit in with the frequency of your income. Once you have successfully repaid half of your loan, you may be eligible for a top-up loan.
Freedom Loans
You may be out of work, on benefits or earning a low wage and qualify for this loan.
You must be a member of Perth and Kinross Credit Union; save alongside your loan; have at least one state benefit or tax credit paid into your Credit Union account; and have a minimum weekly income of £120.
Interest will be a flat rate of 3% per month on a decreasing loan balance (42.6% APR representative).
How much can you borrow?
You can initially borrow up to £500 which must be repaid within 26 weeks. Once you have successfully repaid half of your loan, you may be eligible for a top-up loan up to a maximum of £1000 (net of any Savings you hold with the Credit Union)
Standard Savers Loans
If you have been already saving with us (at least 13 consecutive weekly, or 3 consecutive monthly savings deposits) and be committed to saving alongside your loan you will qualify for this loan.
Interest will be 2% per month on your decreasing loan balance (26.8% APR representative).
How much can you borrow?
For your first loan, up to 2 times your savings balance to a maximum of £2000, to be repaid over a maximum of 2 years.
Secure Saver Loans
You must be a saver with the Credit Union, be prepared to keep your savings intact and be committed to saving alongside your loan.
Interest is only 1% per month on your decreasing loan balance (12.68% APR representative).
How much can you borrow?
You can borrow up to the value of your savings balance.
