Credit Union Vs Payday Loans
Can I get a Payday Loan from SaveEasy Credit Union?
Becoming a member of your local Credit Union forms part of a long term solution to managing your finances. The majority of members who join us, enjoy membership for many years.
As such, we don't provide loans in the same way as Payday lenders.
SaveEasy Credit Union operates on a not-for-profit basis. This means we put you, the member, at the heart of every thing we do. When you apply for a loan, your application is carefully considered by one of our in-house loan officers. We pay particular attention to ensuring a loan is the right solution for you.
As we're not for profit, the interest we charge compared to Payday lenders is also much lower. Interest on our loans is calculated daily on your reducing balance meaning, as your loan balance decreases, so does the interest charged. Our APR ranges from as low as 9.4% to 42.6% depending on the loan applied for. Compare this to a popular Payday Loan provider, Drafty whose APR is 89.7%.
We firmly believe in economic empowerment and aim to help each and every one of our members achieve this. When you borrow with us and as you make each loan repayment, we expect a contribution to be made to your savings account, also held with the Credit Union.
By saving as you borrow you will build up a nice pot of savings at the end of your loan term. After paying your loan in full you will be free to use these savings as you choose to; you can keep on saving and borrow again in the future if needed or withdraw these funds and put them towards any expected or unexpected expenditure.
As thus, by forming a long term solution to money management we don't believe in the Payday ethos of lending. Borrowing every month to survive is something we hope Credit Union membership can make a thing of the past for you.