Members are asked to save regularly, and to cultivate a habit of saving. This pool of savings from members then becomes available for all members to draw on should they need money, subject to certain conditions.

You can start saving from as little as £5.00 on a regular weekly/bi-weekly or monthly basis, and savings can be deposited by cash or cheque, or more conveniently by Standing Order. It is as simple as that!

Savings can be withdrawn at anytime subject to The Pentecostal Credit Union’s Rules. Members become eligible to apply for a loan after 3-4 months of regular saving, and again, this is subject to certain conditions. If there is an emergency, the Loan Committee of the Credit Union would look very sympathetically at such a request. Remember, one loan can never solve all your day to day financial problems, so it is within a member’s best interests to have a good payment/repayment record with the Credit Union.

There is no penalty for early repayment of a loan, and indeed, as interest on loans is repayable on the outstanding balance per repayment period, this would reduce the total interest paid. The current rate of interest is 1% on the outstanding balance weekly/monthly, which is equal to an APR of 12.68%