Loan frequently asked questions
How can I apply for a Loan?
If you are already a member with us, you can apply online.
If you are not yet a member with us, you must become a member before you can apply for a loan. This can be completed online and in-branch. Please see here.
What Loan can I apply for?
We have a few different loan products to suit everyone's needs:
New Member / Existing Member with no savings: Our Family Loan & Savings Plan is a good introduction to credit.
If you know how much you need to borrow and you aren't in a hurry: our Saver's Loan will allow you to build up your own borrowing power - putting you in control. Terms and restrictions apply.
Already saving with us but need access to your funds? Our Secured Loan will allow you to borrow a portion or all of your savings at a very low rate allowing you to have 'access' to your savings without undoing your hard work.
Do I need to save before applying?
This depends on which loan you are applying for. Our Family Loan & Savings Plan can be applied for right away with no requirement to hold savings. Our Saver's and Secured Loans require a savings history before applying. Please note, if accepted for a Family Loan & Savings Plan we will expect you to save whilst you repay your loan so you can apply for a Saver's Loan or Secured Loan in the future (both have a lower rate of interest, too!).
How much can I borrow?
We offer loans of up to £7,500 in excess of your savings with us. We are a responsible lender, and we always advise that you apply for an amount that you are confident you are able to repay. We may carry out credit checks to help us in our decisions, although we do not base our decisions on a credit score.
What supporting information do I need to provide?
We have partnered with Credit Kudos to make applying for a loan easier. We will send you a secure link via email and text, you simply need to login to your online banking and we will be sent your financial information electronically. This saves you a trip to the bank to obtain bank statements. Don't bank online? No problem, we ask that three months most recent bank statement are provided with your loan application (Family Loan & Savings Plan / Saver's Loan only, no extra information needed for our Secured Loan).
How can I receive my loan?
After your loan has been approved, you will need to sign a Loan Agreement. You can receive the money by bank transfer (BACS) or Cash (on request).
How can I repay my loan?
For our Family Loan & Savings Plan you will make repayments direct from the benefit or wage you pay into your Credit Union Account. For all other loans, you can choose to pay via standing order, payroll deduction, cash, cheque, card payment or by visiting one of our many collection points.
How long can I take to pay a loan back?
Our Family Loan & Savings Plan has a maximum term of one year. Your first Saver's Loan must be paid back within one year. Subsequent Saver's Loans and Secured Loans can be taken out over a maximum of 5 years (60 months).
What about my savings?
Whilst you have a loan outstanding, savings held in the attached share are locked (non-withdrawable) until your loan is paid back in full.
We will also expect you to save an affordable amount in addition to your loan repayment, this is to ensure you have built up a healthy pot of savings upon completion of your loan.
How much will it cost to borrow?
This depends on which loan product your choose and how long you take to pay your loan back. Interest is calculated daily on the reducing balance of your loan. With no early repayment fees to pay, the quicker you settle your loan, the less interest you pay.
Anything else you'd like to know?
Please give your local office a call or contact us here. We will get back to you as quickly as possible.