Why is a Credit Union loan a good idea? • There are no hidden fees or charges
• Repayments are calculated on the reducing balance of the loan – this means smaller interest payments as your loan balance comes down
• If your loan is fully secured (you have as much in your savings as your loan amount), then you could benefit from a preferential interest rate
• Flexibility in repayment terms – either weekly, fortnightly or monthly to suit you, with no early repayment charges
• Loans are insured at no extra cost to our members
What if I’ve already got a loan with you? Provided you’ve kept your repayments up to date, there’s no problem in applying for a top-up loan at any time. Simply visit one of our offices, with any relevant supporting information (such as recent bank statements, wage slips etc.). If you’re not sure of what you should bring with you, please call one of our Loan Officers beforehand.
Will you do a credit check? Yes – we do a credit check with most loan applications; this is why we ask you to fill out the application as correctly and thoroughly as you can so that we have all the correct details.
What if I’ve got a CCJ, defaults or bad credit history? We’ll consider all applications but ask for your openness and honesty during the application process.
If you do tell us, and how you’re dealing with these, we can then work with you to calculate your repayments.
What if I’m on low income?
We’re here to help you – please speak to one of our Loan Officers and they’ll work out a repayment that you can afford.
How will I get paid? The easiest way will be through a bank transfer – and for things like car loans, the money is often sent directly to the dealership/garage. You can also have a cheque to cash at our nominated Bank.
How long do I have to repay the loan? Some loans (such as our First Time and Christmas Loans) are repayable over 12 months – on other loans, this can be up to 3 years (for CAR and DIY Loans) or longer depending on the purpose and your repayment capacity (up to 5 years).
Are there any fees for repaying early? No! Interest is added to the decreasing balance – so the more you pay off, the quicker you pay off any interest. We don’t charge early repayment fees.