Terms and Conditions for Loans

  1. Applicants must be at least 18 years old.
  2. The credit union reserves the right to refuse any application and to refuse a loan for certain purposes.
  3. As part of the approval process, we may require proof of income such as (but not limited to) bank statements for the previous 3 months.
  4. You agree that we contact an approved Credit Reference Agency to check your credit worthiness as part of the loan application process.
  5. 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.
  6. 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).
  7. 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.
  8. 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.
  9. I agree that, if I default on repayments, information about my loan may be passed onto the Department for Work and Pensions for their consideration of deductions from the benefits that I am or will be entitled to.
  10. 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.
  11. 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.
  12. For each type of loan, interest rates are as follows:
    • Starter Loan – 3% per month flat, 36% per annum flat, 42.58% APR calculated daily
    • Regular Savers Loan – 2.5% per month flat, 30% per annum flat, 34.49% APR calculated daily
    • Super Savers Loan below £2,000 – 2% per month flat, 24% per annum flat, 26.82% APR calculated daily
    • Super Savers Loan above £2,000 – 1% per month flat, 12% per annum flat, 12.68% APR calculated daily

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 very best to help.