How much will I pay back?
Once you have become a Member and if you are over 18 years old, you can apply for a loan.
The Loans Committee will look at your income & expenditure, credit checks, your previous savings and borrowing history to guage your ability to repay before deciding whether or not to grant a loan.
The maximum loan we provide is £5,000, repayable over 3 years.
You can obtain a low-cost loan, with interest rates of between 1% & 3% per month added to the outstanding balance. The actual interest rate usually depends on the size of the loan and your track record with the Credit Union. Loyal members with a good savings & repayment record earn the lowest interest rates.
To see which rates apply go to current interest rates.
There are no hidden fees or transaction charges and no penalty for paying a loan off early. This is ideal for paying for holidays, cars, home improvements, Christmas presents, or make repayments on existing debts such as credit cards (larger loans may be repaid over a period up to 36 months).
To see an explanation of how the interest charges are calculated take a look at the page on interest rates explained.