Rugby’s Green Loan Scheme
Helping you to keep warm and more comfortable for less money
A joint initiative between Rugby Borough Council and Rugby Credit Union
Question – What can I use a Green Loan for?
Answer –You can use a Green Loan to pay for:
- Cavity Wall insulation
- Loft insulation
- Heating systems – including a condensing boiler
- Heating controls
The Green Loan Scheme is intended to allow householders in Rugby to borrow money at an attractive rate of interest in order to make their homes more energy efficient. It is available whether you intend to add or improve to an existing installation, or replace something which is already there with something which is more energy efficient. To see for yourself the energy you could be saving go to our Energy Savings page.
A Green Loan will enable you to borrow money, with repayments spread over a period of up to three years at a low interest rate. You will also receive information and advice about energy saving, so you could save even more!
Here’s how the system works:
First you apply to Rugby Credit Union for a Green Loan. You will have to indicate precisely what you intend to spend the money on and provide quotations showing the actual suppliers or installers you intend to use and the costs. You will also have to show that you are the home owner, have a bank account and that you are able to repay the loan.
Once you have filled in an application form (our Credit Union staff will assist with this if necessary) your application will be considered by our Credit Committee. We will then advise whether your application has been successful. If the answer is yes, the usual paperwork procedures will be required, just like any other credit union loan. You will have to become a member of Rugby Credit Union at a one-off charge of £2 so you can be entered into our system and you will have to fill in a standing order form to repay your loan. On satisfactory completion of the work a cheque or cheques will be issued by Rugby Credit Union, made payable to the suppliers or installers that have done the work.
You will be charged the standard interest rate of 1% on the outstanding balance of your loan on the first day of every month (that’s 12.7% APR, but if you’re paying off your loan the interest is charged on a reducing balance so the actual percentage you pay in interest is considerably less).