Loans from £200 to £5000 are available to anyone who joins the Credit Union.  Anyone can become a Member if you live or work in Warwickshire.

How do I apply for a loan?

A Loan Application form can be downloaded and emailed to us or call in to the office for a discrete chat with a loan officer.

You will normally be advised of the outcome within a few days, but in an emergency, we can provide a decision sooner. Your loan will normally be paid to you by cheque or by electronic bank transfer, but cash loans are possible in certain circumstances.

Remember, a credit union is not a bank, but a savings & loans co-operative. Thus your loan will have been provided through members' savings - we have no other source of capital - and the members expect the credit union to take whatever action is necessary to recover their savings if a loan falls into arrears.

What happens if you get behind with your loan payments?

Initially, you will receive a warning letter, because it's possible your bank has not processed a standing order payment, or there is some other explanation as to why your payment has not come through to us. Being a credit union we can be sympathetic if our members have a problem repaying a loan.

In that case, we ask them to come and see us so that we can find some way to help - for example, repaying the loan over a longer period. However, if you do not respond we will take appropriate action through the courts.

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.

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