We are now offering two types of loan. Choose the one that best suits your circumstances.

SHARE-BASED LOANS.

Save regularly for at least 8 weeks after joining, and you can apply for a share-based loan - up to twice the value of your savings for a first loan. Larger amounts are available for subsequent loans.

The interest rates on these loans is an amazing 1% per month on the reducing balance (12.68% APR).

There is no set up or handling charge, and you will not be penalised if you repay your loan early or pay part of the loan off as a lump sum. And there's no penalty either if your financial circumstances change and you need to reschedule your loan.

Example: Someone who borrowed £500 and repaid the loan over 52 weeks would pay a total of £31.07 interest.

CAPACITY-BASED LOANS.

New and existing members can now apply for an instant loan without saving first. These loans are based on your capacity to repay, and because you don’t have to save we carry out credit checks on all applicants. We also require that you save at least £1 per week as you repay the loan.

 The most we can lend at present on this type of loan is £500. Minimum repayment term is 13 weeks, maximum 1 year. There is no set up or handling charge, and you will not be penalised if you repay your loan early or pay part of the loan off as a lump sum. And there's no penalty either if your financial circumstances change and you need to reschedule your loan.

The interest rate on these loans is still great value – 2% per month on the reducing balance (26.8% APR).

 Example: Someone who borrowed £500 and repaid the loan over 52 weeks would pay a total of £63.32 interest.

The Credit Union insures members' loans against death, FREE of charge*

Try our Loan Calculator and see how much you could save by having a credit union loan.

* Subject to age

Download Loan Application Form (37.4kb)