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Available Services
Available Services

Credit Union Loans are savings based loans available to members. These are charged at 1% per month on the reducing balance, working out at 12.68% APR. To apply for a Credit Union loan you need to have saved every week for a minimum of 12 weeks. You can then apply for you first Credit Union loan. Your first loan is viewed as a trial loan where you can apply for ?700 plus your savings. As well as making the required loan repayments you must agree to continue to save. After your first trial loans you can apply to borrow up to 3 times the amount you have saved.

Helping Hand Loans are loans are for people who have not saved enough to qualify for a share based loan. These loans are charged at 2% interest per month on the reducing loan balance, working out at 26.8% APR. More than a Credit Union loan but still cheaper than a doorstep lender.  The Helping Hand loans process is a stepping stone from opportunity loans to helping hand loans for people who don't have enough in shares to qualify for the share based loan

Opportunity Loans are loans for people who have not yet saved in the Credit Union. These loans are charged at 3% interest per month on the reducing loan balance, working out at 42.57% APR. The most you can get on the first opportunity loan is ?1000. Whilst repaying your loan you are expected to put a minimum of ?2 per week in shares. The idea is to progress on to lower interest loans in future.

Corporate Membership is for organisations rather than individuals. Businesses, charities, sole traders, voluntary and community groups can become corporate members and place sums on deposit with Central Liverpool Credit Union. By depositing funds with us rather than a High Street Bank you know that your organisation?s money is helping the local community.

Bond accounts When taking a bond account, a saver agrees to deposit their money for a set amount of time, usually 6 to 12 months. If the saver wants to withdraw their money before the end of a bond they will typically pay 90 days interest as a penalty.

If you would like to make a real impact, with just a small proportion of your capital we offer an alternative model, which actually raises and employs capital for the benefit of the community ? Invest in Central Liverpool Credit Union Ltd and feel good about making an ETHICAL INVESTMENT.

Bond accounts are closed until further notice.

Rates of interest for business loans varies between 6.17% to 12.68% APR depending on the following

Unsecured Loans attract a higher rate

Secured Loans - Director Guarantee or charge on a personal asset will attract a lower rate

Level of risk attached to the loan depending on credit checks

Level of capital borrowed - better rate for higher loan. 

 

Borrowing From the Credit Union The recent changes to the regulation of credit unions allows us to lend to corporate members and Central Liverpool Credit Union intends to become a key player in providing microfinance to local voluntary and community sector, small businesses and social enterprises as we believe they are they are essential to the social economy of our neighbourhood and a well-functioning civil society.

Central Liverpool Credit Union Ltd will be working closely with Dream High and MYST to help new businesses become established.

Dream High?s purpose is simple:

We offer 100% confidential support for your business or business idea and we fit around you and your needs to achieve it. Our core belief is the 'passion' of an individual or group of individuals has will drive their business forward. We exist purely to signpost, facilitate requests for information, resource, problem solving. What-ever hurdle you face we can offer a solution.

MYST allows young people to take responsibility for their own future.

?Mersey Youth Support Trust (MYST) aims to maximise the business and personal potential of young entrepreneurs in Liverpool and help them to achieve financial independence while becoming positive role modes within their peer groups. MYST does this through the provision of business incubation units and services including personalised business advice and support?.

 

Home Owner Loans Whatever you are planning, our low rate loans could turn your home improvement ideas into reality.

Whether it's a loft conversion, installing a new bathroom or kitchen or adding a conservatory, your Credit Union has Home Owner Loans from ?5,000 to ?25,000 to suit you.

How Much Can I Borrow?


Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly. The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has, and depends on the member?s age at date of lodgement.

Subject to a maximum benefit of ?15,000, every ?1 you save up to and including the day before your 65th Birthday provides ?1 of insurance. Once you are 65 years of age each ?1 you save with your credit union provides the following benefit:

No insurance is payable on amounts saved after your 80th Birthday.

Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.

Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members.

Should an insured borrower die, or (under most contracts) become totally and permanently disabled for any occupation, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover and has signed the promissory note dies with a loan outstanding, the loan balance is paid in full by the insurer.

You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy. Under the basic policy death cover ceases on the members 70th birthday. Central Liverpool Credit Union has extended this age limit to the members 80th birthday by affecting cover under the Over 70 Rider. Disability cover however ceases on the eligible members 60th birthday.

 

Find Us here:
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Central Liverpool Credit Union Tel: 0151 708 5515 Email: enquiries@centralliverpoolcu.co.uk Web: http://www.centralcu.co.uk/
Central Liverpool Credit Union is authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential Regulation Authority. FSA FRN: 213251