Borrowing

Loans may be applied for: After three months regular savings. (13 weeks)

Loan applications are completed at the main office in St Paul’s Square. Members may also telephone requesting a loan form to be sent to their home address.

Once the loan form is completed you will be notified of the result of the application by the following day or following Wednesday depending on the amount requested (our loans committee sits on a Tuesday evening).

The amount members can borrow is dependant on the amount they have saved and their ability to repay the loan.

Members may apply for three times their current savings. However, the maximum loan currently allowed by law is £5000 above your share holding. The interest charged on a loan is 1% per month on the decreasing balance. So, for example, on a loan of £100 over 12 months the interest would only be £6.50p (APR 12.68%). There are neither administrative costs with the credit union nor penalties for early repayment of your loan.