Loans
Low cost ethical loans
The two most important things about a loan are being able to borrow the money and being able to repay it. At BAG Credit Union Limited, we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay. Establish a good savings record by saving regularly so as to build up security for your loan.
Borrowing locally helps support the community and ensures money continues to circulate within the local economy.
Our lending approach focuses on responsible borrowing and helping members manage repayments comfortably.
Why a BAG Credit Union Loan is Different
- There are no hidden fees or transaction charges
- Our interest rates are fair and reasonable compared to others in the market
- Repayments are calculated on your reducing balance, so you pay less interest with each repayment
- Your credit union loan is insured - subject to terms and conditions - at no direct cost to you. Other lenders charge for this
- You can pay off your loan early, make additional lump sum repayments, or increase your regular repayments without penalty. Other lenders may charge you extra for paying them back faster
Our Loans at a glance
Secured Loans
(APR 7.5%)
This loan is for members who borrow below or equal to the amount of shares they hold.
At BAG Credit Union, we understand that life brings all sorts of expenses and opportunities. Whether you are planning a holiday, buying a car, carrying out home improvements, covering education costs, or simply need extra financial support, our Standard Loan is designed to help.
We aim to provide affordable loans with fair and transparent repayments tailored to your needs and ability to repay.
Un-Secured Loans
(APR 12.68%)
This loan is for members who borrow above the amount of shares they hold.
Whether you are carrying out home improvements, booking that dream holiday, buying a car or need extra financial support, a non-secure loan is designed to help.
We aim to provide affordable loans with fair and transparent repayments tailored to your needs and ability to repay.
Why Borrow with BAG Credit Union?
- It sustains growth and employment as the money is spent locally
- It provides opportunities to members to travel abroad, get married, carry out home improvements, manage finances, or further their education
- Borrowing from BAG Credit Union helps secure its future for generations of members to come
Our loan rate of 12.68% means you can borrow at a reasonable rate of credit compared to other financial providers. Compare us with other financial service providers and you will see that you get a great deal at BAG Credit Union.
Loan Calculator
Try out our quick and easy loan calculator below.
Maximum Loan Term :
7.5%
7.5%
7.5%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
Features & Benefits
- Competitive and fair interest rates
- No hidden fees or transaction charges
- Flexible repayment options
- Early repayments allowed without penalty
- Additional lump sum repayments permitted
- Loan protection insurance included (subject to terms and conditions)
- Friendly local lending decisions
How to Apply
You must be a member of BAG Credit Union Limited with a regular pattern of saving (13 weeks/3 months).
Members can apply:
- Online using the application form
- By visiting the branch
- By contacting the credit union directly to discuss requirements
Loans are subject to approval. Terms & Conditions Apply.
