Loans
Benefits of Taking Out a Loan
Whether you're looking to borrow to help with your household expenses or for a larger purchase, we have the right personal loan to suit you. We've made it easy to borrow as little as £150 or up to £10000 at a fair, affordable rate with no application fees and no early repayment charges.
What you need when applying for a loan
1. Payslips (previous three months) or proof of Benefit payments.
Self – employed members:
- For sole traders, we require the last two years tax returns and a valid tax clearance certificate
- For proprietary directors, we require the latest audited accounts, along with the normal proof of income payslips etc
2. Current Bank Statements (previous three months). Bank Statements must show balances plus regular income and expenditure.
Loan Statement
The amount you borrow will be related to the amount you have saved. Your saving is held as collateral. You should only borrow what you need and what you can afford to repay back. Ask for a copy of the credit union Loan Policy for further information. Members keeping their accounts up to date will help ensure that the loan is approved.
Remember:
- You are using money saved by all members
- You have received a loan because you have a need
- You have demonstrated the ability to save
- You have shown integrity and can be relied upon to repay
- You have promised to meet your obligation to the credit union
Affordable
Interest is only paid on the reducing balance, and there are no penalties for paying your loan back early; in fact you will pay less interest too!
Fair
We will assess your ability to repay the loan based on knowing your circumstances not just your credit score. You will be assessed by a person, not a computer
Flexible
Repayments can be tailored to suit your budget and can be made weekly, fortnightly or monthly.
