The Kintyre Forum

Posted: **Fri Jul 15, 2005 9:23 pm**

As some of you will know, we have our own South Kintyre Credit Union established in Campbeltown at 25 Longrow. I thought I would open this thread to try and find out how many people using this forum know what a credit union is, and get some feedback on the experiences people have had using a Credit Union.

For those of you who don't know a Credit Union is a saving and lending co-operative which encourages members to save money and offers low interest loans to members as well as other financial services.

So anyone got a comment or a question on credit unions?

Posted: **Mon Jul 18, 2005 9:07 pm**

What kind of apr do they offer on loans?

Posted: **Mon Jul 18, 2005 9:49 pm**

And what is the apr on savings?

Malky

Posted: **Mon Jul 18, 2005 9:53 pm**

Malky wrote:And what is the apr on savings?

Malky

A great big whopping 0%

Posted: **Mon Jul 18, 2005 9:57 pm**

bubbly jock wrote:A great big whopping 0%

Hmmm, that might be more than I'm getting at the moment. Better get the calculator out.

Malky

Posted: **Mon Jul 18, 2005 10:55 pm**

Kintyre Lad wrote

What kind of apr do they offer on loans

The borrowing rate is fixed at 12.67% on a declining balance which gives an average rate of about 7% while paying off the loan. Borrow £100 pay back £107 - there is no minimum loan.

Loans are secured on shares, - Your shares are the funds you save with the credit union. You can at present borrow up to 2.5 times your share value which is up to £3,000 at present but as the CU grows this figure will increase to take in car loans even mortgages which would be secured on property.

With the CU you get free life insurance of 2x your share value plus any outstanding loan balance.

Malky said

[/quote]And what is the apr on savings[quote]

Bubbly is right for the moment, but again as South Kintyre Credit Union grows it will be able to offer a dividend on shares. It is currently projected that when the active membership hits 500 SKCU will be in a position to offer a regular competitive dividend to members.

Currently income from interest covers mortgage and running costs. Incidentally, SKCU is run by volunteers with no gratuities paid.

Posted: **Wed Jul 20, 2005 6:39 pm**

Is the credit union shop in Longrow still being renovated?
If not mabey you could put the opening hours on display as I have passed loads of times especially doing the odd one out and have not seen it opened.

Posted: **Wed Jul 20, 2005 6:47 pm**

The renovation is complete however painting on the exterior is still to be done, (cant seem to get a quote, any painters out there)

The Credit Union is open 9.30am - Noon 5 days

Saturday
Monday
Tuesday
Thursday
Friday

Posted: **Wed Jul 20, 2005 6:52 pm**

Cheers John
That is why I never see it open not an early bird with the schools on holiday.