Oldham Credit Union are part of the Greater Manchester Soundpound family of community credit unions.
Credit Unions have been active in Greater Manchester for more than 30 years and now the 8 community credit unions that cover Greater Manchester have joined forces to offer the Soundpound Loan to help residents in these financially challenging times.
The Soundpound Loan
The Soundpound Loan is a small loan between £200 and £1000 available if you need a helping hand to pay unexpected bills or are simply planning a purchase. The Soundpound Loan is repayable over a maximum of 12 months with an interest rate of 42.6% APR
To apply for the Soundpound Loan from Oldham Credit Union you must,
- Be over 18 years of age.
- Live in Oldham and agree to become a member of Oldham Credit Union
- Agree to save a minimum of £5 per month with Oldham Credit Union while repaying the loan.
You are more likely to be accepted if:
- You have a regular source of income and would have some money left over after you have repaid the loan.
- You are mostly up to date with your credit commitments and not in too much debt already.
You are not likely to be accepted if:
- You have a number of defaults or a County Court Judgements (CCJ’s)in the last year
- If you are currently bankrupt or subject to an Individual Voluntary Arrangement (IVA) or Debt Relief Order (DRO)
- You already have a loan with a credit union.
Join Oldham Credit Union and Apply for the Soundpound Loan using Nivo our secure messaging App – find out more.