Community First Credit Union launches reduced rate personal loans
Community First Credit Union has launched new reduced rate personal loans for environmentally friendly initiatives over $2,000. The loan features a low rate of 8.30%, a 3.7% reduction on Community First’s usual personal loan rates of 11.99% and above.
Most other green loans on the market have an interest rate reduction of 0.5% to 1%.
According to Community First Credit Union, many people want to do something for the environment, but the cost of some initiatives can be prohibitive. For example, they recently found that the cost of installing two rain water tanks at home was about $5,000 which made it quite costly.
At even great expense is a hybrid car, which at over $40,000 is an awful lot of money for most families. They want to make it easy for people to be green, but still ensure that they do so in an affordable and sustainable way.
The loans are available to fund any worthwhile purposes such as rain water tanks, solar heating and hybrid cars.
Community First intends to provide as much flexibility as possible in the loan so that things like connecting grey water to the home and garden can be included in the installation of a rain water tank and also be eligible for the lower interest rate.
As a credit union, Community First are good at lending money, not telling members what to buy or who to buy it from. Its only motivation is to find new ways of serving its members better, in line with its brand tagline of creating a brighter future. They will consider initiatives outside those suggested.
This new, broader loan replaces Community First’s interest free loans for rainwater tanks. That offer had limited funds allocated, however this new loan will be ongoing.
The loan is open to both existing members and new applicants. Successful applicants must become a member of Community First Credit Union which is a one-off membership fee of $2.
As for all loans, Community First recommends that people read the terms and conditions and product disclosure statements before making a decision. Regular lending approval processes will apply.
29-Aug-2007