Please note our Festive Season hours:
Saturday 22 December 2018 closed
Tuesday 25 December 2018 closed
Saturday 29 December 2018 closed
Tuesday 1 January 2019 closed
Tuesday, 4 December 2018
Tuesday, 24 July 2018
News | Bute & Cowal Credit Union
The Board of the Credit Union wish Dean Andrew Swift and his family all best wishes for the future as they move to Dundee as Andrew has been appointed the Episcopal Bishop of Brechin. Andrew has been an invaluable member of the Credit Union team serving as Supervisor for some years. He will be greatly missed.
On a much sadder note the Board also wish to announce the death of Mick Common. He had been with the Board for a shorter time serving as Treasurer. He had brought many skills from his academic career that served us well , in addition to a lively sense of humour. He will also be greatly missed.
Your Credit Union continues to grow and develop but without such members as Andrew and Mick being part of the Board or staff that isn't possible. Please think if you have the time to join us - training is given. If you would like to know more , please contact either of the offices or email: president@buteandcowalcreditunion.co.uk
Tuesday, 26 June 2018
Interest Rates For Loans | June 2018
Interest Rates for loans will be increasing on 01.06.18 for new loans. See details
below.
The Directors of your credit union have recently conducted a review of its operations with a view to ensuring its future financial viability. As a result of this review the monthly interest rate on loans of £1000 or less will be increased to 2% with effect from June 1st 2018. This will only affect loans agreed on or after that date – the interest rate on existing loans will be unchanged. The interest rate on loans of more than £1000 will remain at its current level.
The reasons for this decision are as follows. Your credit union has to cover its costs from the interest income on its loans. The cost to your credit union of making and administering a loan is the same whatever the size of the loan. On small loans the interest income that your credit union currently gets is less than the cost of the loan to the credit union. At the current monthly interest rate your credit union is making a loss on every loan of £1000 or less that it makes. Given the number of such loans, this is a considerable drain on your credit union’s resources. Raising the monthly interest rate to 2% will greatly reduce, though not entirely eliminate, the losses on small loans.
Doubling the monthly interest rate does NOT mean doubling the monthly repayments. The increases in monthly repayments will be relatively small. The table here shows what the monthly repayments will be at the new interest rate on loans of £1000 or less – on larger loans the monthly repayments will be unchanged. The new monthly rate of 2% is equivalent to an APR of 26.82%.
The Directors of your credit union have recently conducted a review of its operations with a view to ensuring its future financial viability. As a result of this review the monthly interest rate on loans of £1000 or less will be increased to 2% with effect from June 1st 2018. This will only affect loans agreed on or after that date – the interest rate on existing loans will be unchanged. The interest rate on loans of more than £1000 will remain at its current level.
The reasons for this decision are as follows. Your credit union has to cover its costs from the interest income on its loans. The cost to your credit union of making and administering a loan is the same whatever the size of the loan. On small loans the interest income that your credit union currently gets is less than the cost of the loan to the credit union. At the current monthly interest rate your credit union is making a loss on every loan of £1000 or less that it makes. Given the number of such loans, this is a considerable drain on your credit union’s resources. Raising the monthly interest rate to 2% will greatly reduce, though not entirely eliminate, the losses on small loans.
Doubling the monthly interest rate does NOT mean doubling the monthly repayments. The increases in monthly repayments will be relatively small. The table here shows what the monthly repayments will be at the new interest rate on loans of £1000 or less – on larger loans the monthly repayments will be unchanged. The new monthly rate of 2% is equivalent to an APR of 26.82%.
|
Initial
Loan
|
Months for
Repayment
|
Monthly
Payment
|
|
£250
|
12
|
£23.64
|
|
£500
|
12
|
£47.20
|
|
24
|
£26.44
|
|
|
£750
|
12
|
£70.92
|
|
24
|
£39.65
|
|
|
£1000
|
12
|
£94.56
|
|
24
|
£52.87
|
|
|
36
|
£39.23
|
The Directors of your credit union consider that members taking out small loans with it after 1st June 2018 will still be getting a loan at a very competitive rate. Banks generally do not make loans of £1000 or less. Commercial money lenders charge much higher interest rates. Using a credit card to get cash typically involves a fee of 3% of the loan (£30 on £1000) and interest is typically charged at an APR of 28%.
If you have any comments or questions please contact your local office.
Saturday, 5 May 2018
Interest Rate Changes | 2% increase
From 1 June 2018, interest rate changes on loans of under £1,001 will be 2% (24% per year). This is a very small increase in the actual repayment figure. Want to know more? Ask in your local Credit Union office.
We have a 1-page pdf that provides you with all the information that you will need - including how much your new payment will be under the new interest rate. To visit our website and download the document, click here
We have a 1-page pdf that provides you with all the information that you will need - including how much your new payment will be under the new interest rate. To visit our website and download the document, click here
Data Protection Legislation Changes | IMPORTANT
General Data Protection Regulations
The law on data protection is changing on 25 May 2018
Have you told us how we can keep in touch with you?
Have you updated your details with us?
Contact your local office straight away.
The law on data protection is changing on 25 May 2018
Have you told us how we can keep in touch with you?
Have you updated your details with us?
Contact your local office straight away.
Tuesday, 20 March 2018
Monday, 5 March 2018
Saturday, 27 January 2018
AGM | 2018
Bute And Cowal Credit Union AGM
Wednesday 3 February 2018
2pm St Pauls Church, Rothesay
All members cordially invited to attend
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