Most lenders set the interest rate based on your credit score. Consequently, the lower your score, the more you pay.

We don’t do this at CLCU. That’s because your credit score might be low, through no fault of your own.

For example, if you forget to sign up for the electoral roll. Or you got a default because of a dispute with a mobile phone company. Perhaps you pay back loans weekly. Believe it or not, that’s not as good for your credit score compared to paying back monthly._

Savings and membership matter

Because of the above, our interest rates are never increased due to your credit score. Savings and membership matter. That's why we reduce the interest rate on a Loyalty Loan, when you've been a member for more than 2 years and have savings of more than £500.
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