Bute & Cowal Credit Union

5 King Street,Rothesay, Isle of Bute. PA20 0DD

Tel: 01700 502000

protection logo

29 Ferry Brae, Dunoon, PA23  7DJ

Tel:  01369 702472

slcu_logo

Opening Hours

 

Tuesdays:

10.30am - 1.30pm

From February the Rothesay office will close at 12.30pm

 

Saturdays:

10.00am - 12.30pm

 

 

01700 502000 (Bute)

01369702472 (Cowal)

During Opening Hours

 

 

 

 

 

Loans

Loans

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%.

 

 

Loan Repayments?  

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.