Return on Savings:
Each year any surplus after statutory deductions is distributed as a dividend to the
members as shareholders.
This dividend is recommended by the directors of the Credit Union at the next
Annual General Meeting and approved by the members. Dividends are paid into
members' accounts shortly after the AGM.
An increased
dividend of 2% has been paid for
the year ending 30th September 2007 and applies
to all shares held during that year. Future
dividends depend on the surplus for the
appropriate years and are not guaranteed, but
Red Kite Credit Union hopes to maintain this
level of dividend.
Borrowing:
Nothing could be simpler (and safer). If you require a loan contact our Red Kite Credit Union
representatives at one of the service points or by telephoning: 01982 551000 or 01597 824000,
or you can send a request using the
enquiry form in this site
(N.B. This is by email and may not be secure). We will ask you to fill out and sign a simple
application form. The application will be reviewed*, if everything is in order the monies
can be made available by cheque on approval.
Interest on the loan is charged at a rate equivalent to 1% per month on the
balance outstanding
at the time of each repayment, thus reducing as the loan is paid off. Total interest paid will vary
if repayments are early or late or if the amount is less or more than the exact agreed amount.
Flexibility is a part of our service.
The APR is quoted as 12.68% but a loan of
£100.00 paid back regularly over a year will
cost approximately £6.06 in interest. This rate
applies to any size of loan.
See 'Loan tables' for examples of repayment schedules.
Go here
to download a copy of our Loan Guidelines. These
are guidelines - if you have special
circumstances do not be afraid to ask. Anything
you tell us will be held in confidence under the
Data Protection Act.
Loans can be from as little as £40 up to £7,500 with flexible repayment terms.
Loans are automatically covered by life insurance at no extra charge subject to an age limit.
Am I eligible?
Eligibility to be a member of the Red
Kite Credit Union depends upon the geographical
location where you live or are employed. The Red
Kite Credit Union covers the whole of central
Powys - see 'geographical coverage' for a
detailed map showing our catchment area.
(If you fall outside of the Red Kite Credit Union area and are not eligible
to join us - don't despair!
We can probably put you in touch with a Credit Union that covers your area.)
You have to be 16 or over to join the main Red Kite Credit Union
(loans can only be made to individuals aged 18 or over).
For those under the age of 16 a Young Savers Club is run as a separate savings club.
There is no minimum age. On reaching the age of 16 young savers
can transfer FREE to the main Credit Union.
Children of Primary School age or younger must be supported by a Trustee,
e.g., a parent, grandparent or guardian. The Trustee may make deposits on behalf of the young saver.
The Trustee must authorise any shares withdrawals. The Young Savers Club is an ideal way for parents
and grandparents to save for their loved one's future. At certain schools the YSC may be partly
run by the children and this is a good introduction to money management principles.
For more information click here.
If you have any questions regarding how the Credit Union works or on your eligibility please call us
on 01982 551000 or 01597 824000 or use the
enquiry form and we will be pleased to assist you.
For more detailed information on how the Red Kite Credit Unions work, where to find us etc. use the links on the right hand side of this page.
