Borrow

When you borrow from us you’ll get clear, easy to understand information. We’ll work with you so you only borrow what you really need and what you can afford to repay.

What would you like to borrow for?

  • Household Items

    For when you’re setting up home or replacing an essential appliance that’s broken down.

  • Decorating & DIY

    For home improvements whether it’s a lick of paint, a new bathroom or something in-between.

  • A Family Holiday

    For when you’re thinking about a short break away with the family or a longer holiday

  • A Car Repair Bill

    For when you need to do some repairs to get your car back on the road or get it through its MOT.

Why borrow from us?

  • A discussion about what you want to achieve (face to face, if this helps)

  • Repayments weekly, fortnightly or monthly

  • No charges for set up, renegotiation, or overpayment

  • Interest rates that reduce over the course of most loans, rewarding saving

  • Clear rates of interest

  • A decision in 3-4 days

 

How does it work?

 We charge different interest rates depending on the amount you have saved in relation to the amount you want to borrow. The great news is that we reduce the rate of interest you are charged automatically over the course of the loan (if it starts at a rate above our minimum!) as your outstanding loan balance decreases and your savings increase.

You can work out how much the regular repayments on a loan might be by using our Loan Calculator– this calculation is based on you having at least a quarter of the amount you want to borrow in savings and is indicative only. Please contact us for an individual loan quotation that reflects your specific circumstances.

We need to make sure that every loan is affordable and there are several things that we take into account in making our decision to lend, including:

  • how much you have saved in your share account

  • how long you have been saving for

  • the amount and regularity of your recent savings or loan repayments

  • the purpose of the loan

  • your income and expenditure (if your payments need to increase significantly).

Unless your loan can be repaid by a pre-existing savings/loan repayment payment pattern, you will be asked to complete a budget and you may be asked to sign up to the Consent Online service which will give the Loans Officer a ‘snapshot’ of your bank statement (which prevents the need for you to provide paper copies).  This process gives both you and the credit union the confidence that the proposed repayments are affordable.

If you already have a loan and need to borrow more, we may be able to consolidate your loan. Phone us or come into a service point to discuss your needs.

You can complete a loan application form by visiting your nearest service point. Alternatively, e-mail us or leave a message on the answer phone and someone will contact you to discuss your application. If you are an existing member, we’ll then send you a part-completed form to check and sign.

If you normally save by standing order, you may need to increase the amount to meet your loan repayments

 

Calculate the Cost of Borrowing

This calculator shows what you might repay if you are an existing member and you already have a quarter of the loan balance in savings.

Note that if you don’t have any savings or have more than half the amount, you will start on a higher or lower interest rate which will affect both the total interest charged and the length of time it will take to repay the loan.

When you apply for a loan, we will give you an accurate calculation, reflecting how much you already have in savings and the way in which continuing to save while you repay your loan reduces the length and the interest charged.

 How To Apply

Complete this form and we’ll contact you for a chat

Now you’ve read through the basics of borrowing with us the next step is arranging to meet so we can talk about your requirements, situation and the arrangements. Please use the form here to give us your contact details and we’ll arrange to call you.