Loan Interest Rate Increase

Following discussion with members at the AGM the Board of Directors intends to increase the interest rate charged on loans to 2% per month (26.8% APR) with effect from 1st June 2013.

Gloucestershire Credit Union remained one of last credit unions in the country still charging the lower rate of 1% per month on its loans, but having reviewed our financial forecasts it is important that we increase the interest rate to generate sufficient income to ensure our future operating costs can be met.

Transitional arrangements will be announced for borrowers who take out a top up loan following the rate increase.

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