Large Loan

Norwich Credit Union members who need to borrow more substantial amounts can take advantage of a reduced interest rate compared with our Standard Loan.

For Large Loans in excess of £5,000, we apply an interest rate of just 1% per month on the reducing balance (12.68% APR). Members must have been saving for 13 weeks or more and have a good history with us. Furthermore, we will generally cap the loan amount to three times the member's saving, so the Large Loan is typically only available to those with at least £1,667.00 in shares.

If you borrow £5,000 over 36 months, you pay £978.52 interest (APR 12.68%)

Overall cost comparison based on a £5,000 loan repaid over 36 months

Lender Repayment APR Interest Payable Total Repayble Free insurance
Norwich Credit Union £166.08 monthly 12.68% £978.52 £5,978.52
Freedom Finance £175.00 monthly 15.9% £1,319.00 £6,319.00
Monevo £192.52 monthly 25.1% £1,930.72 £6,930.72
Figures accurate as of July 2020

For full terms and conditions please read our Policy Manual

Late repayment may lead to money problems. For help and advice go to The Money Advice Service.