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Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 213604
YOU CAN APPLY FOR A LOAN VIA THE MEMBER'S AREA SECTION
YOU WILL BE REQUIRED TO EMAIL YOUR LAST 3 MONTHS BANK STATEMENTS TO SUPPORT YOUR LOAN APPLICATION.
There are three types of loan available from the Credit Union:
1. Express Loan
An application can be made by non-members or existing members.
Loans are available up to £2,000 and must be repaid within 24 months at current rate of 3% per month (42.6% APR)
2. Secured Saver Loan
Borrow against your savings with a secured loan. Your savings balance must be equal to or exceeds the loan amount requested and will be locked until the balance of the loan is repaid.
Secured loans are available from £100 to £7,500 and must be repaid within 7 years at a flat rate of 4.9% APR
To apply complete a Secured Loan Application form which will be fast tracked for approval.
3. Unsecured Saver Loan
To apply for a Saver Loan, no regular savings period is required.
Our Saver Loan product is available in amounts from £100 to £7,500 (subject to status and approval) and must be repaid within 60 months. The interest rates vary between 26.8% and 42.6% (representative APR) depending on the size of the loan (loan calculator is not yet available, please contact us for a quote)
Applicants will need to complete the necessary loan application form and provide documentation including their last three months bank statements to confirm their income and expenditure.
4. The Payroll Loan
If you are employed by one of our payroll partners you can apply for a loan at a reduced rate providing you set up payroll deduction as a payment method.
The loan has the same terms as a Standard Loan above but with a discount on the standard interest rate of 1%.
For more information on the employers we are currently working with please visit our payroll deduction page.