Loans
Loan Interest Rate
Currently our loan interest rate is 12% (APR 12.68%). Interest is charged on outstanding principal only, not on outstanding interest. When a loan payment is received, the payment is first applied against the outstanding interest before being applied to loan repayment and savings.
Rebates of loan interest paid can be paid to members and this is lodged to your shares. In 2010 an interest rebate of 10% was paid.
