Services Available
HBCU Loans
We extend loans of up to a maximum of £7,500 above your savings, repayable over up to five years. The interest rate is 1% per calendar month, calculated daily on the reducing balance. There is no penalty for quicker-than-promised repayment and your loan is protected by Life Insurance, at no cost to the borrower. At the end of each year we aim to pay a ‘cash back’ on interest paid by borrowers.
We offer a very competitive Loan which is calculated on the balance of your account. So members with a Savings Account with us can borrow up to three times as much as their current outstanding balance. Details on various loans and the rates available To find out more about our Loan Account go to our Loan FAQ's page
We have collection and deposit points at a number of locations including sundays at some sites.
Who decides if I'll get a loan?
A special committee considers all applications and looks for a regular
savings record, a sensible reason for borrowing, and your ability to repay
the loan.
Will my money be safe?
Yes. We have honest officers, internal checks, and a professional auditor and make regular returns to the government body which oversees all Credit Unions. Plus we are registered with the Financial Services Authority (FSA).