After the Credit Union has retained some of the profit to build its own savings (known as reserves or capital) it pays a dividend to savers. Next we give back some of the interest paid by our borrowers.
This unique Credit Union benefit means that borrowers pay even less for our loans. In 2020 the rebate was 30% of loan interest paid, almost double the rebate of 17% in 2019.
- The yearly interest for a £5000 loan is £320
- 30% (loan interest rebate) of the yearly interest is £96
The £96 was paid back to the member in time for Christmas
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