Lump Sum Savings
If you’re in a position to invest money in your local community, you might consider saving some money with us.
Money saved with us funds lending to our members - people living or working in Cornwall. Unlike high street banks, we focus on lending small amounts of under £1000. In this market, we’re mainly competing with ‘doorstep’ lenders who employ agents to visit people’s homes to promote loans, and later collect repayments. These lenders typically charge high rates of interest – usually well over 200% Representative APR (and in some cases much higher), whereas we charge 15.0% Representative APR for new members and 6.3%Representative APR for members borrowing against their savings.
Please see the table below for a comparison of a loan from us with a typical ‘doorstep’ loan.
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CCB
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Doorstep Lender
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Amount borrowed
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£500
|
£500
|
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Loan Term
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52weeks
|
52 weeks
|
|
Representative APR
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15.0%
|
272.2%
|
|
Weekly repayment
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£11
|
£17.50
|
|
Total repayment
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£561.13
|
£910
|
|
Total interest charged
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£61.13
|
£410
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