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Name: Pedro Santana

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None profit?.

Sheffield Credit Union charge 42 % interest for 100 to 1500 loan. Unbelievable. Reviewed on: 14th August 2022

Reply from Hi Pedro, we are certainly non-profit. This means that we do not operate to make a profit, but that if we make a surplus, we pay it back to our members as a dividend on their savings and/or use it to develop our services to our members. All our members have a savings account automatically when they apply, as this is one of the things that makes a credit union different. The interest rate of 42.6% is the maximum credit unions charge, and for similar loans elsewhere, the interest rates are much higher. Banks do not tend to provide loans of this size (they aren't profitable to them) and other lenders online or in the high street charge more - mostly 99% or more. We also charge our interest on a decreasing balance basis, so if you pay more on a repayment, you pay less interest. There are no penalties for repaying early either. Credit Unions are worldwide non-profit organisations set up to provide safe savings and affordable loans to all their members. I hope this reassures you. Response date: 23rd December 2022

Great

Very easy and helpful I'm using it and I don't have any complaints Reviewed on: 12th July 2022