Applying for a credit union loan
Credit unions loans are available to members only, aged over 18.
If you apply for a loan and you are not a current member, your loan application will be considered as an application for membership. You must join and make an initial deposit into your savings account before your loan agreement is finalised.
Information required to complete a loan application
- Name, address and contact details
- Details of employment or benefit payment entitlement
- Details of your income and regular expenditure
- Bank account details to which the loan can be paid
If your loan is agreed we will request documentary proof of your ID, address and income
- Examples of acceptable ID and address proof documentation is given in our proving your ID leaflet
- Last 3 three month’s bank statements
- Recent payslips or benefit entitlement letter
How your loan application is assessed
Regardless of your reason for borrowing or the amount requested we will consider your application carefully. We are a responsible lender and we want to be sure a loan doesn’t create more problems than it solves.
We carry out identity and credit reference agency checks to confirm the information you have provided and to help us assess your credit worthiness. But we will do not automatically rule out applicants with low credit scores.
We understand people come to us because past debts or stretched finances mean they may struggle to access mainstream finance.
Our priority is to assure the repayments you agree are affordable and so we look at your income and spending habits
Your history of credit union membership is important to us. If there is evidence you have successfully repaid loans in the past or you save regularly it will count in your favour.
Successfully managing a loan from the credit union can actually improve your credit rating.
If you’re unsure whether a credit union loan is right for you, speak to one of our staff in branch or book an appointment to see a branch manager.