5 King Street,Rothesay, Isle of Bute. PA20 0DD
Tel: 01700 502000
29 Ferry Brae, Dunoon, PA23 7DJ
Tel: 01369 702472
10.30am - 1.30pm
From February the Rothesay office will close at 12.30pm
10.00am - 12.30pm
01700 502000 (Bute)
During Opening Hours
When and how can I apply for a loan? For your first loan any time after saving regularly for 8 weeks. You complete a form in the Credit Union Office giving details of the amount, the purpose of the loan, your income/expenses and the proposed repayment terms. A member of the Credit Committee will assist you by explaining the loan policy.
Please Note: only members age 18 or over can apply for a loan.
Second and subsequent loans? Whenever you wish provided you meet the Loan Policy requirements.
By pooling the savings (shares) the Credit Union can offer loans to members at a very low rate of interest
There are no bank charges.
There is an inbuilt loan insurance scheme, based on the age when the member dies.
How much can I borrow?
This depends on Loan Policy at the time of applying, the amount of your savings and your saving record.
What interest would I pay?
12% annual rate (12.68%APR for comparison purposes) but this is only 1% on "decreasing" balances so that for a £100 loan paid back over a year the total interest would be approximately £6.40
The legal maximum percentage that can be charged was increased in 2011 to 2%. However BCUL along with almost all other Credit Unions other than some very large ones has, as a policy, retained the amount it charges to 1%.
You can either pay your repayment at the office or by setting up a standing order.
Click here to download our latest pdf about new interest rates.