Jubilee Tower Credit Union offers interest rates that are competitive with high street banks and much lower than doorstep lenders. The current interest rate on loans at Jubilee Tower Credit Union is just 1% to 3% per month (12.7 – 42.6% APR). Loans with Jubilee Tower Credit Union carry no hidden charges or fees. Take a look at some examples of loans here.

Amount No. of Months %APR Repayment (typical) Total Repaid Cost of Loan
£100
Payday Loan
1 42.60% APR
New Member
£103.00
Lump Sum
£103.00 £3.00
£250
Personal Loan
12 26.82% APR
New Member
£5.50
Per week
£281.23 £31.23
£500
Personal Loan
12 12.68% APR
Long-Term
Member
£10.25
Per week
£531.06 £31.06
£1,000
Personal Loan
12 12.68% APR
Long-Term 
Member
£90.00
Per month
£1,065.40 £65.40
£2,500
Personal Loan
24 12.68% APR
Long-Term 
Member
£118.00
Per month
£2,823.47 £323.47
£5,000
Personal Loan
36 12.68% APR
Long-Term 
Member
£170.00
Per month
£5,950.77 £950.77

 

Applying for a Loan

Applying for a loan with Jubilee Tower Credit Union couldn’t be any easier. Simply fill out our Loan Application Form and hand it to us either via our Head Office or at one of our Community Collection Points and we will do the rest.

Please note: you must be a Credit Union member to apply for a loan and a regular savings pattern beforehand is required. This is typically up to thirteen weeks or three months. This is because we are lending other people’s savings and we have a duty to them (as we would with your savings) to protect their money by lending only to people who can have demonstrated they can afford the repayments and have shown a commitment over a period of time.

Your Loan Application will be looked at on an individual basis by our Credit Committee who will make a decision whether to approve your application based on our criteria of affordability, regular savings, amount, length of membership, past repayment record and purpose. An ‘Interview and Expenditure’ interview and/or Credit Check may be required. Loan applications are typically processed within a few days but may take up to two weeks.

Please see Employee Benefit Loans for additional information regarding the workplace scheme.