Loans
The Credit Union is a big help to many people. As soon as I was told about it, we joined and found it to be the best thing we ever did
- Loans can only be given to members of the Credit Union. Membership entails a one off cost of £5 plus a minimum of £1 deposit to open a savings account.
- Loans funds are usually paid within 5 working days of an eligible application/interview.
- Loan funds can paid by bank transfer or prepaid debit card.
Types of Loan we currently offer
Family Loan Scheme
Our 'Family Loans Scheme' allows all families/individuals in receipt of child benefit to have a loan of up to £500 from the Credit Union. This will be conditional upon child benefit being paid directly from the DWP to the Credit Union. The whole child benefit can be used to make the repayments however a lesser amount is usually agreed with the member following a robust budgeting interview. The 'surplus' amount can then either be left in as savings, withdrawn weekly/monthly or split between savings and withdrawal. This 'surplus' can be transferred back to the member via a bank transfer, paid to a prepaid debit card or collected by cheque from the Credit Union office.
Saver Loan
In line with the long standing Credit Union ethos of responsible lending to encourage 'wise money management' our members are expected to establish a regular savings pattern before being eligible to apply for a loan. Once a savings pattern is established we will look at lending a multiple of these savings.
Long standing members who wish to borrow a higher amount will be eligible for a loan at a lower rate of interest.
Crisis Loans
We administer small loans on behalf of three Parish Councils:-
- Clay Cross (maximum £200 for Parish residents)
- North Wingfield (maximum £100 for Parish residents only)
- Heath and Holmewood
Loans for rent in advance/bond
The Credit Union administers loan funds for Local Authorities. A referral by one of the Local Authority Housing Teams is required for this type of loan and can only be issued specifically to cover rent in advance or a bond.
Applying for a loan
If you are already a member of the Credit Union you can complete a loan application form online. A member of our staff may contact you to call into the office and go through the form with you, verify your details and finalise your loan application. Alternatively call into the office and one of our staff or volunteers can assist or guide you through your application and answer any questions or queries you may have. For information on becoming a member click here.
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