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24 Jan 2023

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Take Out a Loan

If you are eligible to borrow, it can make more sense to take a credit union loan rather than withdraw your shares.

We've made it easy to borrow as little as £100 or up to £30,000 at a fair, affordable rate with no application fees and no early repayment or lump sum charges. Your loan will also be insured at no direct cost to you. In the unfortunate event of death, you do not need to worry about passing your debt on to your family, your loan will be cleared (terms & conditions apply).

Loan Applications

Currently the maximum loan limit is £30,000.

All loans are subject to approval and comply with our Loan Policy. Terms and conditions apply. Whether an application is successful will depend on the affordability, loan history (if applicable) /character and pledged shares.

What are some of the reasons to apply for a loan?

  • Deposit for your home
  • New or second-hand car and associated costs, such as insurance or repairs
  • Unexpected expenses / bills
  • School uniforms and other educational expenses
  • Wedding expenses -- for the bride, groom, parents or even if you're a wedding guest!
  • New washing machine/cooker
  • You want to treat yourself to something new
  • Holiday / staycation


As long as you can afford to repay your loan essentially you can borrow for whatever you want. You can apply in office or online here.

Try out our quick and easy loan calculator below

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Maximum Loan Term :



Repayment Frequency
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This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.

Loan Policy

Our Loan Policy governs every loan application. Some of the elements of our Loan Policy are:

Minimum age

You must be 18 years old or over to apply for a loan.

Maximum loan

You can apply for a loan of up to current limit of £30,000.
(£15,000 above maximum Share Holding)


You must be able to afford the loan. We are a responsible lender. We do not lend to members who will become over-indebted. Proof of income and affordability will be required.

Loan purpose

Your loan must be for a productive, provident purpose. That means it must enhance the quality of your life.

Attached/pledged shares

These shares are provided as collateral for the loan, the withdrawal of which require the approval of the Credit Committee while you still have a loan balance.


Your character - your savings and loan history - is your primary collateral. By saving regularly and repaying each loan as agreed, you increase the likelihood of future loans

Interview (For higher loan values)

To establish that you can repay each loan you apply for, we conduct a loan interview. We will ask you about your income and expenses. We may also ask for additional information and documentation to further your application. We may also, with your agreement, carry out a credit reference check.

Immediate Loan Status

Members may be eligible for ‘immediate loan status.’ If they are borrowing an amount equal to or below their current Share balance. While each loan application is different and is considered individually, immediate loan status members are normally those whose new loan will not exceed any previous ’loan to share difference,’ who can afford the loan, and who can meet all the other elements of our Loan Policy. For a range of reasons, many members are not eligible for Immediate Loan Status. These would include new members, new borrowers, and members whose ‘loan to share difference’ will be taken higher than before. These loans must go to credit committee.

Credit Committee

All loan applications go to the Credit Committee. The Credit Committee is when 3 CU Officers, rather than one loan officer, consider a loan application.

Reasons why some applications go to credit committee

  • when the member’s loan to share balance will go higher than at any previous time;
  • when the member has been in arrears or is borrowing frequently;
  • when the amount requested is over £5,000
  • when the repayment period will be greater than four years.