Whether you’re a brand-new member or you’ve been a member with us for a while, you are eligible to apply for our Starter Loan. If you’re looking for a bit of extra cash for that new washing machine or some extra credit to cover the cost of some home renovations, this option could be for you!
We charge a low interest rate of just 3% per month, and unlike some lenders we do not charge any arrangement or early repayment fees. You can choose whether you want to make weekly, two-weekly or monthly repayments, and your loan is covered by Life Insurance (subject to Terms and Conditions below).
Have a look at our sliders below to see how much you could borrow and how much it is likely to cost you.
Apply
If you’re not a member yet you will have to sign up and join the Credit Union by clicking here. Apply today via the quick and easy smartphone Nivo App or posting us a paper form – don’t forget that we don’t accept email applications for security reasons.
LOOKING AT THE FINER DETAILS…
- Starter Loans are for new and existing members who don’t qualify for one of the other loans we offer.
- For your first Starter Loan, you can borrow between £100 and £500, for the second, £100 to £750 and for the third and any subsequent loans, £100 to £1,000.
- The period you can borrow over is between 4 and 10 months.
- We will normally process loan applications within 5 working days (allow 10 working days in run-up to Christmas), however larger loans may take longer.
- You can top up to a maximum of your initial loan amount ONCE provided you have repaid at least half of it and you’ve been making your payments on time with no arrears.
- We will carry out an affordability check based on the information you provide us to help prevent you getting into financial difficulties.
- We will carry out a Credit Check – but a poor credit score may not stop you getting a loan.
- We will take into account your previous payment history as part of our decision.
- It’s important you’re truthful when filling in the form. Any discrepancies we find will affect our decision to grant you a loan.
KEY FACTS
- Available to all new and existing members
- We charge a flat interest rate of 3% per month (42.58% APR)
- Borrow up to £1000 for between 4 and 10 months
- We charge no arrangement or early repayment fees
- Repay your loan weekly, fortnightly, 4-weekly or monthly
- Covered by Life Insurance (subject to Terms and Conditions)
Repayment Options
You can make loan repayments in several different ways.
- You can pay by Standing Order
- Get your Benefits paid directly into your credit union account
- Ask your employer to set up a Payroll Partners Scheme and get part of your salary paid into your account
Loan Advance Payment
We can pay your loan advance by Faster Payments Transfer to your Bank Account or by transfer to your City of Plymouth Credit Union Savings Account. You can then use your Savings Account to top up your prepaid Visa Debit Card if you have one.
Had a loan application refused? Click here for further information.
Starter Loan Terms and Conditions
- Applicants must be at least 18 years old.
- All loan applications must be made using the Nivo app or in writing on the appropriate Loan Application and passed to a Service Point or sent to the main office (14 Cumberland Street, Devonport, Plymouth, PL1 4DX).
- You must supply a contact email or telephone number on the Loan Application form.
- A Loan Agreement must be completed and signed both by the applicant and the credit union before any loan advances are paid.
- In order to qualify for a lower interest loan type in the future, you will be required to pay an amount equal to 10% of the agreed loan repayment into your savings account in addition to your loan repayment.
- The credit union reserves the right to refuse any application and to refuse a loan for certain purposes.
- As part of the approval process, we may require proof of income and expenditure such as (but not limited to) bank statements for the previous 3 months. We may ask for further proof if considered necessary. Please note that we cannot accept Bank Statements supplied as spreadsheets, they must be on paper or as .pdf files. If sending documents containing sensitive attachments by email, please bear in mind that this is an insecure communication medium and you do so at your own risk.
- We may require you to attend an interview as part of the loan application process.
- You agree that we contact a Credit Checking agency to check your credit worthiness as part of the loan application process.
- In the event that you default on your loan, details of such default or defaults may be passed to credit reference agencies, debt recovery agencies, and the courts. In such circumstances we may disclose details of your account and any other matters relating to your account to any credit reference agency.
- You agree that should you fail to make any repayments due under this agreement or become insolvent, the total amount outstanding may immediately become repayable (unless agreement on payment mechanisms can be agreed between us).
- You also agree that we will pass on to you any costs incurred in collection of overdue payments including the costs associated with any legal action we may take.
- In signing the Loan Agreement you agree that, should repayments on the loan fall into arrears, all current and future savings in all share accounts deposited with the credit union up to the value of the outstanding loan may be used to offset the debt.
- I agree that if I default on repayments, information about my loan may be passed on to the Department for Work and Pensions for their consideration of deductions from the benefits that I am or will become entitled to.
- We may terminate the Loan Agreement and demand immediate repayment of all sums due if:-
- You fail to keep any part of the Loan Agreement
- You have given us false or inaccurate information in connection with the Loan Agreement.
- Statements are available on request. We will provide statements either by post, in an office or at a service point. You must inform us immediately of any incorrect item on your statement.
- The interest rate for Starter Loans for new members and members with insufficient savings is 3% flat per month or 36% flat per annum calculated daily (42.58% APR).
- As detailed in full on the Life Insurance page, loans for members over 70 years of age are not covered by life insurance.
- All members must declare any pre-existing medical conditions when applying for a loan.
Above all, bear in mind that the credit union is here to help. If you experience any financial difficulties, please get in touch with us as soon as possible and we will do our best to help.
