There are two calculation options, depending on what you would like to know:

Method [A] – I know how much I would like to repay each time: How many repayments will be required to clear the loan?

Method [B] – I know how many repayments I wish to make on a loan: How much will each repayment be?

New Loan: Inclusive of Interest

What kind of a loan do you need?
How much would you like to borrow? £
Total £
How often will you make repayments?

METHOD A

How much will each repayment be
(including interest)?
£
 
Repayment Information:
The number of repayments will be:
Your loan will be repaid over:
Your total repayment will be: £
The total interest will be: £

METHOD B

How long to pay off this loan?
 
Repayment Information:
Each repayment will be (including interest): £
Your loan will be repaid over:
Your total repayment will be: £
The total interest will be: £

NB: Whilst every care has been taken in the production of this web page, the credit union, or any of its staff, cannot be held responsible for any omissions, errors or other mistakes made. This web page is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing.

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LOAN INTEREST INFORMATION

From May 2018 Forres Area Credit Union has agreed to implement new rates of interest on loans.

The new interest rates are on the reducing balance as follows:

For the total loan of 
Monthly interest on reducing balance
Annual Percentage
Rate (APR)
Up to £750
3%
42.6%
£751 – £1,500
2.5%
34.5%
£1,501 – £2,250
2%
26.8%
£2,251 – £4,000
1.5%
19.56%
Beyond £4,001
1%
12.68%
Secure Loan
1%
12.68%

DEBT CONSOLIDATION LOANS ARE AT THE CREDIT UNION’S DISCRETION