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Cumbria Credit Unions
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Savings and Loans


All credit unions give members the opportunity to save on a regular basis. Your money is safe with a credit union, and can earn an annual dividend.

For further details on saving with credit unions, please contact your local credit union


Credit unions offer two types of loan

Savings Based Loans

All credit unions in Cumbria offer savings based loans to their members. To qualify for Savings Based Loans customers must be a member and have been a regular saver over a specific time period, usually 2-3 months. The amount a customer will be allowed to borrow depends on their level of savings, and interest rates vary between credit unions, but are usually around 1.5% per month (Representative APR below 20%)

Instant Loans

Most credit unions in Cumbria also offer Instant Loans or Handy Loans. The purpose of these is to provide local people with access to affordable credit. They are available to anyone who is eligible for membership of the Credit Union. For further details and application forms, please contact your local credit union

The current rate of interest on Instant Loans/Handy Loans is  usually 2% per month on the outstanding balance (Representative APR 26.82%).

Applying for a loan

Each credit union has its own set of policies and application procedures for both types of loan, and for further details on these loan products, and how to apply for one - together with other specific loan products such as back to school uniform loans - please contact your local credit union for further details.

Affordable Loans

Credit union loans are affordable and have much lower interest rates than payday loan companies and door-to-door lenders, which can be much higher than 1000% for payday loans, and several hundred % for door-to-door lenders. A credit union's Annual Percentage Rate (APR) is capped by law.