Loans

After saving REGULARLY for at least 3 months (13 weeks) a loan can be requested, although many members prefer to wait longer.

Loans can be for short periods of a few weeks or months, or up to 5 years. The repayment each week, fortnight or month is discussed with the member to make sure it is affordable to the member.

‘Affordability’ of loans is the way that credit union loans can help members.

Loyalty Loan Policy:

0 – 13 weeks of saving regularly, borrow the same amount as you have saved.

13 weeks to 1 year of saving regularly, borrow three times what you have saved

1 year – 2 years of saving regularly, borrow four times what you have saved

2 years plus of saving regularly, borrow five times what you have saved

If a member has been saving £ 5 per week for 13 weeks, the credit union knows the member can afford to repay a loan at about that rate. It is as simple as that. If the savings deposited have varied a lot from week to week, the loan decision will be affected.

Members can borrow from the credit union and everyone is treated equally:

The same interest rates to all members.

No arrangement fees or administration fees

No discrimination against people with bad credit/no credit rating, or CCJ’s

See the loan chart for amounts and repayments

Loan application forms can be issued and advice given about amounts repayable. Feel free to phone the office to get a precise quote or use the loan chart to get a quote

All loans are subject to availability of funds and the decision of the Loans Officer or Loans committee