Later this week – and before launching online loan applications – we are simplifying our loan products.

Member loans

We want to reward savers with a reduced rate of interest.

If you’ve been a member of the Credit Union for more than two years AND have more than £500 in savings you can apply for a Member Loan.

You can apply to borrow up to three times your savings balance.

If you need more than three times your savings you should apply for an Opportunity Loan.

Opportunity Loans

You can apply for an Opportunity Loan, regardless of your savings balance or length of membership. New members can apply as they join.

Loans are based on affordability, but as a rule of thumb you can apply to borrow up to one month’s income. We will always take into account your personal circumstances and prior borrowing history.

The interest rate charged depends on the amount you borrow. You can  top up a loan after six months’ payments.

To apply for more than £5,000 you must be a homeowner.

You do not have to use the loan for home improvements. However, if you want to undertake expensive renovations in your home – perhaps to cater for a growing family – then a homeowner loan can help fund this work. Improving your flat or house can also make the property more attractive to potential buyers as well as increasing its value.

Business loans

For members who own businesses needing working capital or help with cashflow. Our business loans are available for sole traders and limited companies, including social enterprises.

We’ll be introducing online applications for business lending later in the year. In the meantime if you want to find out more contact us.