The Credit Union, as a non-profit organisation, exists solely to benefit its members. Therefore it does not charge high interest on loans and repayments are tailored to meet each members personal capabilities. In addition, we provide all our members with free Life Insurance on loans (conditions apply).
Our interest rates from July 1st 2008
- Loans up to £5,000 – 2% per month (26.8% APR)
- Loans over £5,001 – 1.25% per month (16.1% APR).
How do I apply for a loan?
- You must be a member so you’ll need to join the Credit Union.
- All loans are assessed on your ability to repay so you will be asked to give evidence of your financial situation. We will then undertake a detailed analysis of your income and expenditure.
- You can repay by standing order, payroll (subject to avalibility), benefit payment direct to your account, or cash (conditions apply).
- Call 0116 247 1740 to arrange an appointment either at the office or at one of our collection points across the City or County .
- A decision will normally be made on your application within a few days of us receiving your fully completed application form.
What sort of evidence will I need to give?
1. PROOF OF YOUR INCOME
- Your last three months bank or building society statements, or your most recent Post Office Statement (we cannot consider a loan application without this).
- Your most recent wage slips.
- Benefit book or letter from relevant authority showing the amount you receive.
2. PROOF OF OUTGOINGS
- If you pay bills through your bank the statements should show regular payments.
- If you do not pay bills through your bank you will need to provide such things as: up to date mortgage, rent, council tax or water rates card; TV licence plan/receipts, store/credit card statement, insurance payments, gas or electricity bills or receipts; catalogue payments card or payments books or payment cards from other lenders.
- Details of any arrears.
- Details of any County Court Judgements (we will conduct a credit history check as part of the loan application process).
Download the application form for more information (PDF, 46 kb)
Use a Debt Test to find out whether you have - or are likely to have - problems with your borrowing.
