These calculations are correct as at 20th July 2011 but may be subject to change from time to time at the discretion of Hannahstown Credit Union.
INTEREST
Interest is charged on all loans at the rate of I% per month on the diminishing loan balance. This means that the interest charged becomes less as the loan is paid off. A loan of £IOO paid off in one year would show interest of about £6.50 or 6.5% Simple Interest (12.38% APR)