If you are a member of the credit union and are over 18, you can apply for a loan once you have saved regularly for either 8 weeks or 2 months. The amount you can apply for will depend on the level of savings you have in your account.

How much can I borrow?

How much you can borrow depends on how much you have in your savings account at the time of applying, and how many previous credit union loans you have applied for:

Type of LoanLevel of SavingsHow much can I apply for?
First Loan

Savings of £100
Savings of £200

Higher Savings

Up to £300
Up to £500

Savings plus 50% up to a maximum of £5,000 payable over a maximum of 2 years

Second Loan

Savings less than £300

Savings of £300
Savings of £400

Higher Savings

Double your savings or as 1st loan policy (whichever is greatest)

Up to £750
Up to £1,000

Double savings up to a maximum of £7,500 payable over a maximum of 3 years

Third LoanThree times savings up to a maximum of £10,000 payable over a maximum of 4 years
Fourth Loan and over

Three times savings up to a maximum of £15,000 payable over a maximum of 5 years

(members can only ever borrow £7,500 above savings)

NOTE: The maximum any member can borrow is £15,000 relevant to the level of their savings or shares.

Will you help me if I need more money but I already have a loan outstanding?

Yes, where your loan repayments have been regular and as agreed we can consider giving you a Top Up Loan once the original loan has been repaid by 50%. If you deposit a lump sum to bring your loan down to this level you will have to wait for 4 weeks before applying. These loans are offered on first, second or third (and subsequent) loans and you can apply to take your loan balance back up to the original loan amount. You will only be able to apply for a maximum of 2 top ups per year on your credit union loans.

How much interest will I pay?

We have varied interest rates depending on the value of the loan.

Loan TypeLoan ValueCU rateAPR
Standard Loan£0 - £150024%26.82%
Standard Loan£1501 - £1000018.6%20.27%
Premium Loan£10001 - £150009.6%9.9%
Secured Loan (up to the value of shares)£1 - £150009.6%9.9%

Interest rates updated 01.10.23

How do I apply?

You can apply for a loan online through the members' area of our website or complete a paper application.

For unsecured loans i.e. more than your share balance you will also be required to submit your last 3 months bank statements with your application or provide this information by agreeing to Open Banking via AccountScore. Click for FAQ's 

If you are/have been in a bankruptcy/trust deed or debt management plan please ask the office how this may affect you.

Typical Loan Examples

Loan AmountTypical APRRepaymentInterest ChargedTotal Amount Payable
50026.82%£10.84 (over 52 weeks)£63.32£563.32
200018.6%£100.44 (over 24 months)£410.48£2410.48

**These figures are correct as at 1st October 2023