Saving on borrowing
At GWCU, we’re committed to offering borrowing options that are easy, fair and accessible. The biggest part of that is making them affordable, with better value loans providing an attractive alternative to high-cost borrowing.
Whether you need an extra lump sum to cover an unexpected expense, want to bring your existing borrowings together to make them easier and cheaper to manage, or have a project in mind that needs an income boost to make it happen, our competitive rates can make it possible. Not only that, but our values-based ethos means we work better for everyone, with any profits we make going back into the communities we live and work in.
How GWCU compares to other lenders
In the complex world of finance, many lenders have a single goal – making profit. But as a mutual financial co-operative, GWCU is an ethical lender that exists to provide fair finance, support you as a member and help you make positive financial choices for a brighter future.
We keep our interest rates low and provide flexible repayment options so you can set up your loan to suit you in the best way possible.
How much can borrowing with GWCU actually save you? In this table you can compare our loans against two higher cost lenders.
On a £1,000 loan from LoanPig over a 12 month period, you would pay £166.67 per month, and a total repayment cost of £2,000. The same loan from GWCU would require a monthly repayment of £100.47, leading to a total repayment cost of £1205.55, which is a saving of £794.45. Plus, if it’s easier for you to budget by repaying more often, with GWCU you can choose to make weekly repayments of £22.97 instead, without adding any more cost to your total loan.
Likewise, on a 6 month loan of £500 from Quid Market, you would need to pay £165.68 per month, for a total repayment cost of £994.08. With GWCU, you would pay £92.30 per month for a total repayment cost of £553.79, which is £440.29 cheaper. Again, you could opt for weekly repayments instead, this time for £21.08.
With this direct comparison, it’s easy to see how borrowing with GWCU is the more affordable option.
Ethical lending for stronger communities
GWCU is built on a values-based ethos – not just in how we serve and treat our members but also in how we support the communities we all live in. Although we are committed to offering low-rate loans, it is important and necessary for us to make some surplus of interest to protect and fund the organisation into the future. However, we don’t keep any unnecessary surplus for ourselves. We invest any profit we make into the local community invest through projects such as South Bristol Sports Centre, Bristol Energy Cooperative and more.
We are also committed to choosing local suppliers for any spending we need to do, to keep our money circulating in the local economy and supporting local people.
You could get a better deal by consolidating your debts
If you have existing loans with other lenders at high-cost rates, you may be able to save yourself a decent chunk of money each month by bringing them together under one more affordable loan with GWCU. This can make your finances easier to manage, too, with a more streamlined focus to your outgoings, and the choice of weekly repayment options making it easier to budget. It can also give you the full picture of when your debt will be paid off so you can plan more confidently for the future.
Consolidating your debts can be an effective way to avoid getting into a high-cost debt spiral, and relieve the stress that comes along with it. However, if you’re struggling to repay other debts, you may need the help of a specialist debt service such as Step Change, who provide free advice and a range of helpful services.
Take a look at GWCU’s affordable, responsible borrowing options
To find out how much your weekly, fortnightly or monthly repayments would be on a personal loan with GWCU, take a look at our loan calculator. There are no hidden charges or fees, so it’s an easy way to see what you can expect to pay on a schedule that suits you. Apply here to start borrowing with us.