At Cambuslang Credit Union, we offer our members saving solutions, loans and insurance services.
For more information, please read the product information under this section.
Everyone benefits from having savings – no matter how much or how little money you have.
Having some savings allows us to work towards our financial goals and gives us peace of mind.
Saving with Cambuslang Credit Union really does add up.
Not only are your savings secure but they also include free life assurance cover*, which can be a real financial comfort to your loved ones.
Everyone benefits from having savings – no matter how much or how little money you have. Having some savings allows us to work towards our financial goals and gives us peace of mind should an emergency arise.
Committing yourself to a regular saving pattern can be difficult but at Cambuslang Credit Union we make it as easy as possible, with a variety of savings accounts and several ways to save. Whether it’s in cash at our offices or collection point, with a standing order or with a PayPoint card it’s easy to get the savings habit.
Credit Union members can save at an affordable level whether it is £1 or £100. Small regular amounts soon add up and remember at Cambuslang Credit Union you are not just another customer, but a co-owning member of an organisation which provides security and protection.
The two tables below give examples of how weekly & monthly regular savings can soon add up!
Example 1:
| Weekly | £2 | £5 | £10 | £20 | £25 |
|---|---|---|---|---|---|
| Year 1 | £104 | £260 | £520 | £1,040 | £1,300 |
| Year 2 | £208 | £520 | £1,040 | £2,080 | £2,600 |
| Year 3 | £312 | £780 | £1,560 | £3,120 | £3,900 |
| Year 4 | £416 | £1,040 | £2,080 | £4,160 | £5,200 |
| Year 5 | £520 | £1,300 | £2,600 | £5,200 | £6,500 |
Example 2:
| Monthly | £2 | £5 | £10 | £20 | £25 |
|---|---|---|---|---|---|
| Year 1 | £24 | £60 | £120 | £240 | £300 |
| Year 2 | £48 | £120 | £240 | £480 | £600 |
| Year 3 | £72 | £180 | £360 | £720 | £900 |
| Year 4 | £96 | £240 | £480 | £960 | £1,200 |
| Year 5 | £120 | £300 | £600 | £1,200 | £1,500 |
As a credit union, savings are pooled to provide the resources for lending to other members. You’re savings are protected by the Financial Services Compensation Scheme.
You can save as little as much as you can afford, and receive free life insurance on your savings as an added benefit.
At Cambuslang Credit Union, confidentiality is of utmost importance, and you can trust that there will be no hidden charges or fees on any service that we provide.
due to the financial crisis we are not paying dividends for the year 2023/24.
Home improvements, a new car or borrowing to cover unexpected expenses, we have the right personal loan to suit you. Borrow from £200 to £15,000.
To qualify for a loan, members must save regularly for a minimum period of 8 to 10 weeks.
Only members age 18 and over may apply for a loan. Unsecured loans will be up to 2 times the member’s share value. Loans must be repaid within a maximum of 60 months. Interest is payable on loans at 1% per month (12.6%APR). For further details download the Loan Guidelines.
As a credit union, we consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits.
Applications for loans are made on a standard loan application form and for this you need to arrange an appointment at one of our offices. You can download the loan application form. When you apply for a loan we will require proof of address. Proof of your income e.g. a pay slip would be helpful and we need to see bank or Post Office Card Account statements where you have an account.
Our staff will give you any assistance required. You just need to make an appointment and then visit the office with all the paperwork to support your application, along with a completed application form.
What you need when applying for a loan
Loan applications are considered by a Loan Officer and we aim to give you an answer within a maximum of 5 working days once we’ve got all the information we need (though we’re often quicker than this). In deciding whether or not to grant the loan the Loan Officer will take into account your ability to repay the loan, which is subject to a thorough assessment, as well as your past experience of credit and other factors.
Having a regular savings history and a good previous loan repayment history can help.
All applicants for a first loan are credit checked, but if you’ve got into difficulties in the past it won’t necessarily stop you having a loan – just give us full details on the application form.
Once a loan is granted you will be asked to sign a loan agreement form, which is a legally binding document being a promise to repay the loan on time and in full.
Don’t forget that with Cambuslang Credit Union you are borrowing your fellow members’ money – never apply to borrow if you’re not completely committed to repaying their trust in you.
Planning and managing repayments
Cambuslang Credit Union is flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans.
You will be advised on the best repayment plan to meet your own circumstances.
Members are generally advised to repay a loan in as short a time as possible, and 12 months is usually the maximum term for a first loan. 5 years is currently the maximum loan term possible for an unsecured loan.
Should you experience difficulties in meeting repayment commitments, you should immediately explain the situation to us, and we will treat the matter sympathetically and in total confidence.
If you don’t contact us and don’t pay your loan we will take every opportunity open to us to recover members’ money – including legal action if necessary.
There are no penalties or early repayment charges if you are able to pay off your loan early.
Interest on credit union loans
Cambuslang Credit Union currently charges a maximum if 12.6% interest per annum. There are NO fees or transaction charges. And since the interest is charged only on the outstanding balance of the loan, you will pay less interest the quicker you repay your loan.
It should be noted however that by law credit unions cannot charge any more than 2% per month on the reducing balance of a loan. This represents a maximum interest rate of 26.8% APR (Annual Percentage Rate), and that is the most you will ever pay on your loan. We have various loan products available depending on your circumstances and the amount you are borrowing.
Saving with Cambuslang Credit Union really does add up. Not only are your savings secure but they also include free life assurance cover*, which can be a real financial comfort to your loved ones should you die..
We are a financial co-operative that exists for the benefit of our members. Furthermore, as an ABCUL** registered credit union we purchase an insurance policy to provide free life assurance cover on our members’ savings. This policy is aimed at making the lives of families and next-of-kin easier in the event of the death of one of our members.
At a difficult time, a lump sum on bereavment can be most welcome. Especially when the amount you’ve managed to save is doubled* and passed on to your family. Of course, it won’t take away the pain but it’ll certainly help with the financial strain of bereavment. Just for once peace of mind really doesn’t cost a penny – it’s just another benefit of being a member of Cambuslang Credit Union.
As a member of Cambuslang Credit Union, you’re not only saving for your own future, but also for that of your family. Your savings help Cambuslang Credit Union provide better value loans and improve services for all other members. With the added protection of Member Life Assurance, your nest egg can also provide a legacy to help your loved ones cope financially in the event of your death.
Talk to us about the Life Savings protection offered and additional cover with FamilyLIFE+ which gives extra peace of mind for you and your family at an affordable price. It pays to save with Cambuslang Credit Union – in more ways than one.
So remember Life Assurance is a free benefit of saving with Cambuslang Credit Union, paying your family up to double your Credit Union savings when you die*
The more you save, the more your loved ones can benefit*
* Subject to terms and conditions. Certain restrictions apply based on savings balance and on the age at death or age when savings were made and cover. We have individual limits and restrictions; ask us for details about the Member Life Assurance that we provide.
** ABCUL is the Association of British Credit Unions Limited.
Death Insurance is a vital product offered by Cambuslang Credit Union, providing peace of mind and financial security to its members and their loved ones. With this insurance, individuals can protect their families from the burden of funeral expenses and other related costs that arise after their passing.
Cambuslang Credit Union understands the importance of preparing for the unexpected and offers affordable premiums tailored to suit different needs.
By investing in Death Insurance, members can ensure that their families are well-supported during challenging times, allowing them to focus on grieving and healing rather than financial strain.
Cambuslang Credit Union’s commitment to its members’ well-being shines through its comprehensive and compassionate approach to Death Insurance.
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