Credit Unions v Banks - what you need to know

1. “Human way to get a loan”.  Every member gets a fair hearing and decisions are based on more than credit scores.

2. Loan interest rates are fair and they are capped by law (maximum of 12.68% APR).  Transparency is key, there are no hidden charges.  Same goes for interest rates advertised - what you see is what you get with our credit union loan rates.  Unlike banks who may advertise a lower interest "headline" rate only for this to be much higher after a credit scored application.

3. Credit Union loans can be subject to the level of savings a member has.  Our loan products are based on 5 x your savings balance, except for our 3.9% Loyal Saver Loan (whereby 100% of the loan balance is “locked in” against your savings). Ts and Cs apply.

4. Loans can be repaid early with no settlement fees charged.

5. Interest (APR) is only charged on your reducing balance.  Banks, however, tend to “front load” interest, with payments reflecting the original loan taken plus interest, throughout your payment term.

6. Many credit unions (including ourselves) offer members the option to call in to the office with their queries, whereas many banks have moved to online banking only.

7. Unlike banks, credit unions such as the Harp and Crown provide free life cover for your loan, up to the age of 70 years old.  In the event of your death, any outstanding loan balances may be cleared.

8. Flexible repayments are available, with the option of restructuring should you no longer be able to afford.

9. Credit union loans may be subject to an annual rebate, which is paid to borrowers at the end of the financial year.  In December 2022, a loan interest rebate was issued to Harp and Crown Credit Union members, based on accrued loan interest rates for the financial year Oct 2021-Sept 2022.

10. Ethical borrowing - credit unions are not for profit and are owned by their members.  We will never knowingly lend to a member if we believe they are not managing their finances or can’t afford it.   

We are here to help YOU with your financial needs.

Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.

The Harp and Crown Credit Union provides safe, secure, flexible finances for the wider police family in Northern Ireland.