Loans

• Helping members to save
• Helping them to keep their level of debt under control
• Making available, when needed, low cost credit

Borrowing from Brecon & District Credit Union

The policy of the credit union movement is truth-in-lending, with no hidden costs, and no arrangement fees. Early repayment of a loan will in fact result in reduced interest payments as loan interest is applied on a daily basis, on the reducing balance.

In other words we will only charge interest on the amount oustanding on the loan, meaning that the quicker the loan is repaid the less interest will be charged.

Saving while repaying a loan
Members are encouraged to continue saving, particularly while repaying a loan.

Why is a Credit Union loan better?

• Loans are insured at no cost to eligible members
• No hidden fees or transaction charges
• Very reasonable interest rates
• Repayments calculated on the reducing balance of the loan. This         means smaller interest repayments as you repay your loan
  
• Repayment terms to suit your particular circumstances
• No early repayment penalty
• Additional lump sum payments accepted with no penalty
• Flexibility to make larger repayments than agreed without penalty