Loans
Why choose Cash Box?
The Cash Box objective is to provide a community based facility for secure savings and low interest loans for its members.
The Cash Box objective is to provide a community based facility for secure savings and low interest loans for its members.
At Cash Box there are no highly paid directors and if there is a surplus, it is shared as a dividend on savings.
Cash Box does not sell insurance with its loans. Being a member can encourage you to get into the habit of saving regularly. This then enables you to apply for loans (only if you want to – borrowing isn’t compulsory). Loans can range from as little as £50 to as much as £15,000 (depending on your level of savings).
Cash Box does charge interest on loans, but this is the credit union’s only income. Being staffed mostly by volunteers helps Cash Box to keep very low interest rates (which means you pay less to borrow).
Cash Box’s usual interest rate is 1% per month on the reducing balance, which is 12.7% APR. Cash Box’s interest is fixed for the period of the loan. It is only charged on the diminishing balance outstanding. There are no early settlement penalties if you are able to pay your loan off sooner than expected.
