Loans can be applied for by email or calling in to to our office, by post or via the members section of the web site. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or will go to the bi-weekly Credit Control Committee meetings – these are usually held every Tuesday and Friday mornings (subject to availability of loans officers). All applications must be made prior to the meeting.

What you need when applying for a loan
In deciding whether or not to grant the loan the loan officer or credit control committee will take into account the members record of savings and loan repayments, as well as ability to repay. You may be asked to provide proof of income and expenditure i.e. recent bank statements.

Members who apply via our website are reminded that they must answer all the questions on the loan application form.

Remember – only members are eligible to receive loans from your credit union.

Planning and managing repayments
Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. The normal loan interest rate (APR) is 1.5% per month or 19.6% per year. The maximum loan term for an unsecured loan is 3 years.

Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.