We are delighted to announce the launch of our new loan product!
New members are now eligible to apply for a loan of up to £750, with no prior savings requirement.
For loan amounts exceeding £750, members must first save regularly for a minimum of three months. After this period, you may apply for a loan of up to three times the total amount you have saved.
Loans are repayable over a period of 12 months, which you can select when completing your application. Please note that a minimum savings contribution of £10 per month is required alongside your loan repayments.
*APR: 42.6%, in comparison to a typical doorstep lender rate of 399.7%.
Can I top up my loan?
No – however, as you will be making regular contributions to your savings while repaying the loan, your savings balance will continue to grow. Once your current loan has been fully repaid and you wish to apply for a new one, you may be eligible to transition to our Savers Loan product. Under this product, you can apply for a higher loan amount, up to three times the value of your savings balance.
Eligibility criteria
To apply for our new loan product, you must meet the following requirements:
• A £5 payment must be made into your Credit Union account when submitting your loan application. This activates your membership and enables our underwriters to assess your application.
Please note that your application will not be reviewed until this payment has been received.
You will receive an email with further details once your application has been submitted.
• A credit and affordability check will be conducted as part of the assessment process.