NEFirst Credit Union Loans
Once you’re a member of NEFirst Credit Union you can apply for a loan. Membership costs only £1. Ask for an application form today.
Our interest rates are competitive, much lower than door-step lenders and we can match rates from high street banks and building societies.
Interest is charged daily on the decreasing balance of your loan and there are no hidden extras like set up or arrangement fees and there are no penalties for paying off your loan early.
We’ll treat you fairly and assess your loan application on your personal circumstances and all NEFirst loans come with free life insurance.*
We can lend up to £15,000, but as a responsible lender we won’t offer you a loan above an amount that we could reasonably expect you to repay.
Our interest rates range from 0.6% per month (7.4%APR) to a maximum of 3.0% per month (42.6%APR). Our representative rate is 19.6%APR. A schedule of rates is available on request.
Loan Interest Rates
Our rates of interest range from 0.6% per month (7.4% APR) to a maximum of 3.0% per month (42.6% APR). The interest you pay will depend on your personal circumstances and will be set out in your loan agreement form.
However, if you have received a written offer from a bank or building society we will match the monthly repayments you have been offered
For Loans up to £500
The interest rate for loan up to £500 will be in the range of 1.5% per month (19.6% APR) up to 3.0% per month (42.6% APR). The weekly repayment for a £500 loan repaid over 52 weeks at 2.00% per month, a representative APR of 26.8% will be £10.84, including interest.
For Loans between £501 and £1500
The interest rate for a loan between £501 and £1500 will be in the range of 1.0% per month (12.7% APR) up to 2.5% (34.5% APR). The monthly repayment for a £1500 loan repaid over 12 months at 1.5% per month, a representative APR of 19.6%, will be £137.50, including interest.
For Loans between £1501 and £3000
The interest rate for a loan between £1501 and £3000 will be in the range of 0.80% per month (10.0% APR) up to 2.0% (26.8% APR). The monthly repayment for a £3000 loan repaid over 24 months at 1.0% per month, a representative APR of 12.8%, will be £141.22, including interest.
For Loans over £3000
The interest rate for a loan over £3000 will be in the range of 0.60% per month (7.4% APR) up to1.5% (19.6% APR). The monthly repayment for a £5000 loan repaid over 36 months at 0.80% per month, a representative APR of 10.0%, will be £160.40, including interest.
Price Match loans
If you have a written offer from a bank or building society we will match the monthly repayment you have been offered and provide you with free life insurance on your loan.
Protected loans to protect your loved ones
Your Credit Union loan is protected in the event of your death* – helping protect your family from the financial burden of bereavement.
When you take out a loan with us you also get Loan Protection. If you were to die before your Credit Union loan is repaid, this protection can help towards settling the debt, so that it isn’t passed on to your loved ones.
Of course, it won’t take away the pain but it’ll certainly help with the financial strain of bereavement. This benefit is included at no extra cost to you as part of your Credit Union loan arrangement* so just for once, peace of mind doesn’t cost the earth; it’s just another benefit of being a Credit Union member.
As a Credit Union member, you’re not only borrowing for the things you desire to make life more comfortable for you and your family; by choosing your Credit Union to borrow from, you’re helping your Credit Union provide better value loans for all Credit Union members. With the added peace of mind provided by Loan Protection, loans from your Credit Union can offer better financial security for you and your family.
*Subject to terms and conditions. Cover limits vary and certain restrictions apply based on age and cover. Please ask at your Credit Union for more details about the individual limits and restrictions of Loan Protection.
Loan Protection is underwritten by Sterling Life Limited.
Sterling Life Limited is authorised by the Prudential Regulation Authority and regulated by Financial Conduct Authority and Prudential Regulation Authority.
In association with