Loans
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 Loan | Level of Savings | How much can I apply for? |
| First Loan | Savings of £100 Higher Savings | Up to £300 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 Higher Savings | Double your savings or as 1st loan policy (whichever is greatest) Up to £750 Double savings up to a maximum of £7,500 payable over a maximum of 3 years |
| Third Loan | Three 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 Type | Loan Value | CU rate | APR |
| Standard Loan | £0 - £1500 | 24% | 26.82% |
| Standard Loan | £1501 - £10000 | 18.6% | 20.27% |
| Premium Loan | £10001 - £15000 | 9.6% | 9.9% |
| Secured Loan (up to the value of shares) | £1 - £15000 | 9.6% | 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 Amount | Typical APR | Repayment | Interest Charged | Total Amount Payable |
| 500 | 26.82% | £10.84 (over 52 weeks) | £63.32 | £563.32 |
| 2000 | 18.6% | £100.44 (over 24 months) | £410.48 | £2410.48 |
**These figures are correct as at 1st October 2023
