Many high street banks have a minimum loan of £2000 – and do not cater for people with a less than perfect credit history.
There are many lenders who spend a fortune on advertising but this is reflected in the interest rates and fees that they charge. A Credit Union loan may save you money and give you more cash to spend on the things that matter. You can grow your savings as you reduce your loan balance
- Easy to apply
- No hidden costs
- No application or early repayment charges
- Affordable, flexible repayments
- Competitive interest rates
- Poor credit considered
- You can grow your savings as you reduce your loan balance
- The interest you pay stays in our local economy
- You are borrowing from a not-for-profit organisation
Can I Apply?
- The credit union cannot lend for business purposes or mortgages, and we do not lend to individuals to allow them to lend on to a third party, but apart from that we will consider loans for almost any purpose.
- We don’t currently lend to those who are self-employed
- When assessing a loan application, our main concern is understanding if the loan repayments are affordable.
- We do review your credit file and will usually ask to see recent bank statements and wage slips.
- Very recent credit file issues and/or unpaid items on your bank account may be a sign that you are struggling to afford existing commitments.
- If you are currently subject to an Individual Voluntary Arrangement, Debt Relief Order, Bankruptcy Order, Debt Management Plan or similar, we will not be able to lend.
- In some cases we will consider lending even where there is a very poor credit history.
- Generally, we will not consider a new loan application if you have applied within the last 6 months.
- If we approve a Credit Union Loan, a Personal Loan or a Family Loan we will ask you to save alongside your loan repayments.
- Before you borrow you may want to review this guidance from the Money Advice Service.