Adjustment to Loan Interest Rates

From 1 January 2022, we are coming into line with many other Community Banks and Credit Unions whereby new standard loans of less than £1000 will be charged at 3% interest/month (42.6% APR) rather than the previous 2%/month (26.8% APR). The new rate will NOT apply to agreed extensions of existing loans at 2%/month (26.8%APR) which will continue at the old rate.

The rates for Saver loans (12.7% APR) and Homeowner loans (5.9% APR)are unaffected