Standard Loan - Example of £500 loan repaid at £70 per month

A member who has recently joined the credit union applies for a £500 loan to help pay an unexpected household repair bill and wishes to pay back £70.00 per month.

Repayment example: 9 payments of £70.00  (£630)             

Breakdown of repayments: 

Loan repaid                 £500.00

Interest paid               £  27.23

Added to savings         £102.77

Total Paid                   £630.00


In this example, the loan interest is only £27.23 (APR 13.9%) and the 
member has also added £102.77 to their savings.
(Assuming regular monthly payments of £70 (£60 towards loan repayment & interest and £10 to savings each month) 

Whilst every care has been made in the production of this document, the Credit Union, or its staff, cannot be held responsible for any omissions, errors or other mistakes made herein. This document is for illustrative purposes only, so as to give an overview of the potential cost of borrowing.