Credit Union: update

At the recent AGM of the First Scottish University Credit Union Ltd (FSUCU) a dividend of 0.50% was agreed and will be paid into members’ accounts.

With effect from 1 April 2014, the introductory loan rate will increase slightly to 1.50% per month (19.56% APR).

A £500 introductory loan offer is available to all new members. It will be payable over nine months: each month, £80 will be deducted via payroll, £60 will go towards the loan and interest, and £20 will be put into a savings account. When the loan is paid off the member will then have £180 in savings.

With effect from 1 May 2014, FSUCU rates of increase will alter:

• loans of up to £2,000 will increase to 1.25% per month (16.08% APR);
• loans of £2,001–£4,999 remain at 1% per month (12.68% APR);
• loans of £5,000 and above will decrease to 0.75% per month (9.38% APR).