You can apply for a loan via the top right hand corner of our website. However, this is currently unavailable on a mobile device; therefore you would have to use a PC or laptop.
Please note, you have to be a member to be eligible to apply for a loan. You can do this by selecting ‘Join and Borrow’ from the top right hand corner.
There are two types of loan available from the Credit Union:
1. Secured Loan
Secured Loan means you are borrowing against your savings, meaning it has many benefits.
You are able to have a loan at a lower interest rate (currently 5.9% APR) and it also preserves the insurance on your savings, meaning you get free life insurance cover on savings and loans taken out before your 80th Birthday.
How does it work?
Your saving balance must be equal to or exceed the loan amount requested. Your savings will be locked away until the balance of the loan is repaid. Secured loans are available from £100 to £15,000 and must be repaid over a maximum of 7 years.
2. Unsecured Loan
You are able to apply for £100 - £15,000 with interest rates starting from 7.9% APR. A standard loan must be repaid within 60 months.
We also request that all borrows are to contribute a small amount into their ‘Attached Savings’. This is usually around £1, £2 or £3 per repayment. Your attached savings are locked away, until the loan is repaid. Helping you to save and move to a Secured Loan in the future.
How do I apply for a loan?
It’s simple and easy to apply for a loan. You can either visit our office, or apply online using the link in the right hand corner ‘Join & Borrow’.
What do you need?
We request 3 months bank statements with your loan application, you can submit this online (you will be prompted when applying), physical copies can be brought into the office or via email to: firstname.lastname@example.org.
If you are not already a member, you will need to supply proof of ID such as driver’s license or passport and proof of your address, such as a utility bill or bank statement.
What happens once you have applied for a loan?
Loan applications are generally turned around in 48 hours although in times of high demand this may take longer.
Your application is then given to our Credit Committee. This is a panel of individuals, who will work together to make a decision on your application. When deciding they will take into account, your ability to repay the loan. They may also run additional credit checks, such as a Credit Agency Search.
You will receive a text message from us, when a decision has been made.
What to do once you’ve received a decision
If you have been accepted for a loan; you will need to visit our office to sign the paper work.
We also ask every member who borrows, to save money into an attached savings.
This savings account cannot be accessed until the loan is paid off and helps you to save some extra cash once the loan has finished.
Our attached savings account, allow us to lend to other members, as you are borrowing from your fellow members’ savings.
How do I make Repayments?
There are many ways to ensure we receive your repayments.
One of the easiest methods is through standing order. This is something you can set up when signing your loan agreement.
We also offer repayments via; Cash, Faster Payments and Debit Card.
For a list of payments options please visit our "Payment Methods" tab above.