Green loan
Borrow for home energy improvements, solar equipment or greener transport if you live or work within the South Manchester credit union’s membership area.
Deze mogelijkheid is momenteel in het Engels beschikbaar.
The loan can pay for energy-saving products and services, including insulation, heating controls, window and door upgrades, boiler upgrades and pipe insulation, heat pumps, solar panels and solar water heaters. It also covers standard bicycles, electric bikes and scooters, electric or hybrid cars, home electric-car chargers and rainwater harvesting equipment.
You borrow money from South Manchester Credit Union and repay it with interest. Loan amounts run from £500 to £15,000. The fixed annual percentage rate (APR) is 21.9% for £500–£2,999, 14.9% for £3,000–£6,999 and 8.8% for £7,000–£15,000. For example, the lender’s representative £5,000 loan has repayments of £165 a month over 38 months and a total repayment of £6,205.78.
The lender agrees flexible repayments with you and advertises no fees, charges or penalties for this product. Interest is calculated each day on the remaining loan balance: each repayment clears accrued interest and reduces the balance used for the next interest calculation. Repay by standing order, through wages if your employer is a payroll partner, or in cash at the office.
Eligibility
- You must join South Manchester Credit Union. Membership is available to people who live or work in South and Central Manchester or Trafford, within the postcodes on its common-bond map. You need photo ID and proof of address to join.
- Your first loan application requires a credit check. The lender assesses your credit file, ability to afford repayments and personal circumstances, rather than using your credit score alone. It may also check credit on later applications.
- You must save while repaying the loan. The lender describes these savings as available to enjoy once the Green Loan has been repaid.
How to apply
- Status
- Doorlopend open
- Voorwaarden voor deze aanvraagronde
- Membership and lending assessment apply.
New members can start a loan application immediately while the lender completes their membership. To begin through an accessible lender contact route, email loans@smcreditunion.co.uk or call 0161 448 0200 and ask its loans team about the Green Loan. You can also visit the office at 187 Fog Lane, Burnage, M20 6FJ to join and complete an application form.
Members can complete the Green Loan application through the lender’s secure mobile messaging app. The lender also publishes an online first-loan route for new members.