BOROUGH CREDIT UNION

Apply For A Loan

You have to be a member to be eligible to apply for a loan with us.

What you need when applying for a loan

You can apply for a loan by completing a loan application in the office or by applying online.

We will need to confirm your income (wages and/or benefits) therefore you will need to supply 3 months up to date bank statements or your most recent Post Office statement will be acceptable. If you are not already a member you will also need to supply proof of ID and address.

For a complete guide about the way we use your details click here or if you have any queries give our staff a ring on 01685 377888.

What happens after you have applied for a loan

Loan applications are generally turned around in 24 to 48 hours although in times of high demand this may take longer. You will receive a text message once we have your loan decision.

In deciding whether or not to grant the loan the loans officer/committee will take into account your ability to repay the loan. This is subject to a thorough assessment that includes your past experience of credit and other factors.

All borrowers also have to save a minimum sum of £1, £2, or £3 (or monthly equivalent) in an attached saving account, as a condition of the loan. This savings account is "locked" until the loan is paid off, and helps us to lend to other members. It's also a nice bonus for you when you have finished paying your loan.

Don't forget that you are borrowing your fellow members' money - never apply to borrow if you're not completely committed to repaying their trust in you.

How do I make Repayments?

For a list of payments options please visit our "Payment Methods" tab above.

As you'd expect all loans are subject to status and approval.