Frequently asked questions
Explore answers to common questions, helping you better understand how our credit union works. Whether you’re curious about loans, savings or membership, you’ll find the information you need right here.
General
Our branch counters are open:
Monday: 10:00 AM – 2:00 PM
Tuesday: 10:00 AM – 2:00 PM
Wednesday: 10:00 AM – 1:00 PM
Thursday: 10:00 AM – 2:00 PM
Friday: 9:30 AM – 12:00 PM
Saturday & Sunday: Closed
Our phone lines, email, and chat services are available:
Monday – Thursday: 9:00 AM – 4:00 PM
Friday: 9:30 AM – 3:00 PM
Saturday & Sunday: Closed
We have four branches across Liverpool:
Toxteth (Head Office) – 141 Park Street, Liverpool, Merseyside, L8 6QF
Anfield – 213 Breck Road, Liverpool, Merseyside, L5 6PT (Please note: No cash deposits or withdrawals are available at this branch.)
Norris Green – Unit 8, Broad Lane, Norris Green, Liverpool, Merseyside, L11 1AD
No, all our branches are closed on bank holidays.
Phone: 0151 708 5515 (Please note: Due to high call volumes, you may experience delays in getting through.)
Email: enquiries@clcu.co.uk
Chat: Available via our website
We currently do not have a telephone queuing system, so if all staff are on calls, your call may ring out. We are working on upgrading our system to improve this experience.
If you’re unable to get through, we recommend emailing or using our website chat service, and we’ll get back to you as soon as possible.
Yes. In the UK, credit unions are authorised and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to ensure they operate safely and fairly.
We are also part of the Financial Services Compensation Scheme (FSCS), which protects eligible deposits up to £120,000 per member in the unlikely event of the credit union failing. You can find full details of the scheme at: www.fscs.org.uk
Central Credit Union is run by its members, for its members.
As a member-owned organisation, everyone who saves and borrows with the credit union is also an owner.
- Members have a say in how the credit union operates, including voting at the Annual General Meeting (AGM).
- A volunteer board of directors, elected by members, oversees the governance and strategic direction of the credit union.
- Our staff and volunteers manage the day-to-day operations, providing services and support to members.
Loans
We aim to process loan applications as quickly as possible. On average, the process – from application to loan issue – takes around 4 working days. However, please allow 5 to 10 working days, especially during busy periods such as Christmas or if additional information and documentation is required.
To speed up the process, you may choose to opt in to Open Banking during your application. This is entirely optional, but doing so can help us complete affordability checks more quickly.
As part of our loan assessment, we review your affordability, which includes checking your borrowing history (including any previous loans with us). This ensures that you can comfortably manage your loan repayments.
Most loans are repaid over 12 months (52 weeks). The maximum loan term is 36 months, but the final term will be determined by the Loan Officer based on your affordability.
If you are applying for a homeowner loan, you may be able to repay over a longer period.
Loan amounts range from £200 to £15,000, depending on the type of loan you apply for. If you’re topping up an existing loan, you can usually borrow up to the amount you’ve already repaid.
All loan amounts are subject to affordability checks by a Loan Officer.
We process applications as quickly as possible. For the fastest decision, apply online and allow access to your bank statement through Open Banking.
Absolutely! Unlike some lenders that charge early repayment fees, we actually reward you the sooner you repay, the less interest you’ll pay overall.
No, you don’t need to log in. However, you will need your bank details to complete the application.
If you choose not to opt in to Open Banking, we may require additional documents, such as bank statements, ID, or payslips, to help us assess your application. These documents allow us to:
- Verify your identity
- Confirm your regular income
- Ensure you can afford the loan repayments
If you have been asked to provide documents, please submit them as soon as possible to avoid delays.
When applying online, you’ll have two options:
- Use Open Banking – the fastest and easiest method.
- Upload a PDF statement – If you prefer, you can upload a .pdf bank statement covering the last full month.
An affordability check is an assessment of your credit profile, income, and expenditure to determine whether you are eligible for a loan and can afford the repayments without financial difficulty.
All loan decisions are made by our loan officers after conducting affordability checks. If these checks indicate that borrowing a lower amount would be more manageable for you, we will offer a reduced loan to ensure you do not experience financial difficulty.
If you’re struggling to make a repayment, please contact us as soon as possible via email or phone (selecting option 2). We may be able to discuss alternative options to support you and prevent any negative impact on your credit history.
If you miss a payment, it may be reported to a Credit Reference Agency, which could impact your credit score.
If you miss six or more consecutive payments, this is considered a default, which can significantly reduce your credit score and affect your ability to access credit in the future.
If you’re struggling to make a payment, please contact us as soon as possible. We may be able to offer support or discuss alternative options to help you manage your repayments.
If you need to borrow more money but still have an outstanding loan balance, you may be able to top up your loan, provided you can afford the additional borrowing.
You can only apply for a top-up loan after making six months of payments on your existing loan.
Please note that topping up your loan may affect your ability to apply for other loan types, such as School Uniform Loan, if that’s something you were considering. Our Member Services Officers are always available to guide you and ensure you make the right financial decision for your circumstances.
You can apply for a top-up loan up to 20 days before you become eligible (which is after six months of repayments on your existing loan). Any applications made earlier than this will be automatically declined.
In cases of emergency, we may allow top-up loans 14 days before your due date. All emergency requests will be reviewed by a loan officer on a case-by-case basis.
Loan applications are no longer available through our app. Currently, you can only apply for a loan via our website. We are working on updates, and changes are expected in 2026.
We conduct credit checks using TransUnion, but a poor credit profile does not necessarily mean automatic rejection. We also assess other factors such as income and expenditure, allowing us to make a more informed decision about your loan application.
Unlike many high-street lenders, we do not base interest rates on your credit score.
As a credit union in England, we are legally capped at a maximum interest rate of 3% per month (42.6% APR). However, we offer a variety of loan products with different rates, and you only pay interest on the declining balance of your loan, which can help reduce the overall cost.
Your loan application may be declined if our assessment determines that lending to you poses too high a financial risk. Common reasons include:
- Irregular income or an unmanageable level of expenditure
- Having a Debt Management Plan (DMP), Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA), or bankruptcy
We understand that financial challenges can arise, and we may be able to support you in improving your budgeting and financial habits. If you need guidance, please don’t hesitate to reach out.
Savings
The interest on savings depends on the type of account you hold.
For our ‘Regular Saver’ account – also referred to as ‘shares’ – we pay an annual dividend, which is agreed upon by members each year.
Our other savings products offer different rates. Visit our savings page for full details on each option.
Yes! Your savings are protected up to £120,000 under the Financial Services Compensation Scheme (FSCS). This provides the same level of protection as banks, building societies, and other financial institutions.
When you join the credit union, saving is highly encouraged as part of responsible financial management. The ‘pooled’ savings (also referred to as ‘shares’) are used to provide loans to other members.
If you choose to apply for a loan with the credit union you must ‘save as you borrow.’ With this scheme you will agree to pay a set amount into a savings account each week alongside your loan repayments. You cannot access these savings until your loan is fully repaid. This approach helps members build a financial safety net.
We currently offer a range of savings options to suit different needs:
- Regular Saver – ideal for everyday savings
- Christmas Saver – save throughout the year in time for the festive season
- Young Saver – designed for children and young savers
- Corporate Savings – for businesses and organisations
- Fixed Term Deposits – lock in savings for a set period at a competitive rate
- Payroll Deduction Savings – convenient savings direct from your salary
(Please note: Product availability may change.)
Attached and unattached shares refer to how a member’s savings are linked to any outstanding loans. Here’s what they mean:
- Attached shares – these are savings that are held as security against a loan. If a member has borrowed money, a portion of their savings may be “attached” and cannot be withdrawn until the loan is repaid. This helps reduce risk for both the member and the credit union, ensuring there are funds available in case of missed payments.
- Unattached shares – these are savings that are not tied to a loan and can be withdrawn at any time (subject to the credit union’s withdrawal policy). Members who do not have an active loan usually have all their savings as unattached shares, depending on the type of savings account.
If your savings (shares) are unattached, you can withdraw them at any time.
If your savings are held in a promotional fixed-term account, withdrawing funds will result in the loss of the promotional interest rate.
If you have a loan with the credit union, some or all of your savings may be held as security (‘attached’) against your loan. You may be unable to access these funds until the loan is repaid. Our team is always available to advise you on your options.
Ways you can withdraw:
- In person – call into our head office (141 Park Road, L8 6QF) or Norris Green branch (Unit 8, Broad Lane, L11 1AD) and collect your money over the counter (please note: cash withdrawals over £500 require 24 hours notice). (Please note: No cash deposits or withdrawals are available at our Breck Road or West Derby branches.)
- Transfer into your bank account – bank transfers are made three times a day (9am, 12pm, and 3pm). The money should be in your account within 2 hours. There is a £1 transfer fee for this service. (Please note, this service is only available if the bank account is your own)
You can save in several ways:
- Payroll Deduction (if your employer is partnered with us)
- Standing Order from your bank
- Direct Debit
- Through benefits
Yes. We offer junior savings accounts to help children and young people develop good money habits. Parents or guardians can manage the account until the child reaches 18.
Your savings may be covered by free life insurance and will be paid to your nominated beneficiary. We recommend keeping your nomination of beneficiary form up to date.