East Sussex Credit Union - Savings and loans for Brighton, Hove, Eastbourne and East Sussex

Flexible loans to suit your needs
Borrowing from the credit union is simple and affordable. You can borrow from day one of membership and we specialise in loans of less than £3,000.

If you borrowed £3,000 from the credit union over a three year period your repayments would be £100 per month and we would charge you £585 in interest.

A £500 loan over on year would cost you £11 per week and we would charge £68 in interest.

Borrowing is also a great way to save! All our loans over £1,500 have a compulsory savings element and we will reduce the rate of interest we charge if you have saved more than 1/3 of the amount you are asking us to lend you.

For example, if you had saved £750 but wanted a loan for £2,000 we would reduce our APR from 19.6% to 12.7%. At the end of your loan you would have £1,350 in your savings account!

If you want to borrow from the credit union you must become a member of the co-operative and complete a membership application form.*

To find out more about our loans, please read our loan guidance notes. If you would like to apply - you should complete a loan application form and return this to the office with proof of your address and income. You may also find it helpful to read our Frequently Asked Questions sheet.

If you are on one of our Payroll Deduction schemes, please download the forms from our Payroll Deduction page.

And remember : we do not charge an arrangement fee and we do not make you pay an early repayment penalty.

Read our latest flyer for more information on the credit union and some price comparisons with other lenders

If you would like to discuss a particular loan application contact the office by phoning on (01273) 626855

*You will need to download adobe acrobat reader to view these forms.

This page was last updated on 13th February 2008

News
4th August 2008
Positive changes to credit union legislation
The Economic Secretary to the Treasury, Kitty Usher, has just confirmed a range of changes to the rules governing credit unions that will allow us to offer a much broader range of services to our members. These include:

Making 'common bond' legislation more flexible - that means that even if you don't live or work in East Sussex you could still join our credit union in some circumstances
Enabling groups and not just individuals to become members - if your community organisation is looking for somewhere to bank that means you could choose the credit union
Allowing credit unions to pay interest on accounts as well as a profit sharing dividend - so we can offer more certainty about the return you could get on your investment with us
Removing the age limit, so that our junior members can also become full members of the co-operative

"These changes will make a real difference to the credit union", commented General Manager, Adrian Davies "We will be able to offer accounts that pay interest to people living outside of East Sussex, including many Housing Association tenants who do not currently qualify for membership."

The legislative changes are expected to be in place by July 2009