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| What the Red Kite Credit Union does | |||||||||||||||
| Red Kite Credit Union 20 Market Street Builth Wells Powys LD2 3EA 01982 551000 01597 824000 General enquiries: |
Primarily we accept deposits from members as shares in the credit union and each member is a part-owner of the credit union. Save as much or as little as you wish when you wish. There is a legal maximum of £10,000 for any one membership. Shares are covered by free life insurance (subject to an age limit) and are protected by the Financial Services Compensation Scheme (FSCS); click the logo below right for further information. We make loans to members from these accumulated funds at a fixed rate of interest equivalent to a maximum of 1% per month on the reducing balance. We have absolutely no problem in making small loans, unlike the larger financial institutions who are only really interested in lending in tens of thousands and may rack up the interest and charges for small loans. There are no arrangement fees and the savings and loans are covered by free life insurance (subject to an age limit). This link will take you to a page with tables of repayments for typical loans from the credit union. Since we are lending other members' money we do need to apply some rules when considering applications for loans. The law and the Financial Services Authority apply limits to the size and duration of credit union loans. Currently Red Kite can lend up to £7,500. Our own policy applies limits to the early loans by a member to help them 'getting out of their depth'. One of our aims is to help those who have fallen into the 'credit trap' climb out and stay out.
For more general information
about credit unions
click here.
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How to save and borrow with Red Kite Credit Union
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