NORWICH CREDIT UNION

Everyday Loan

Norwich Credit Union is delighted to offer a new instant loan, with no requirement to have saved with us prior to applying.

Previously, credit union member had to save for 3 months first before applying for a loan. But now anyone who lives or works within the county of Norfolk, or within an NR postal area, is eligible to apply for an Everyday Loan.

As a condition of the loan and in keeping with the credit union ethos of promotiong thrift through the accumulation of savings, successful applicants will be required to save whilst they repay their loan. A small amount of the regular repayments will be put into the member's shares. If enough has been accumulated by the time the loan is repaid, the member may then be eligible for one of our cheaper loan products.

The Everyday Loan has a fixed interest rate of 3% per month (42.6% APR) on the reducing loan balance. Free life insurance is included (subject to condtions) and there are no set-up or early repayment fees.

We are unable to offer our Everday Loan to anyone who is currently bankrupt, in a DRO, IVA or Debt Management Plan. We are also unable to lend if you have unaddressed CCJs or have defaulted on current credit in the last 12 months.

Everyday Loan benefits - at a glance

  • Borrow between £300 and £1,000
  • Fixed loan interest rate - 3% per month on the reducing balance (42.6% APR)
  • A portion of repayments goes into shares, helping the member build a nest egg
  • The quicker the member repays, the less interest they pay
  • No hidden fees, charges or repayment penalties
  • Free life insurance (terms and conditions apply)
  • Encourages a savings habit

  • Overall cost comparison based on a £1,000 loan repaid over 12 months
    Lender Repayment APR Interest Payable Total Repayble Free insurance
    Norwich Credit Union £100.50 a month 42.6% £205.95 £1,205.95
    Ocean Finance £109.77 a month 69.9% £317.24 £1,317.24
    LoanPig £166.67 a month 292% £1,000.00 £2,000.00
    Figures accurate as of June 2021