Making loans more affordable.
Our Wee Glasgow Loan won't weigh you down with sky high interest rates and are charged at 2% per month or 26.8 APR
The illustration below shows how much you will save in interest charges if you take out a Wee Glasgow Loan compared to a typical payday loan.
|Typical payday loan|
|Number of days||30||30|
|Optional same day payment||£5||0|
Same day faster payment — If you need your loan paid into your current account on the same day, the credit union incurs a small charge for this service which we will pass to you.
If you prefer not to pay this charge, we could pay your loan using a BACS payment which would take 3 working days for the money to be credited to your current account.
1. Late payments — if you pay your loan later than the agreed date, we do not charge you any penalties. You will only pay the interest accumulated on your loan on a daily basis and that is it.
2. Early payments — if you pay your loan earlier than the agreed date, we will only charge you the interest rate accumulated on a daily basis at 26.8% APR by the settlement date. For example, for a £400 loan, the daily interest rate of 27pence will be accumulated for each day the loan is outstanding and nothing else.
You can can choose to repay the loan over a period of between 1 and 12 months to make it more manageable.
If you decide to repay a loan earlier than the agreed date, we will only charge you interest on a daily basis at 26.8% APR from the time you took out the loan to the settlement date.