The amount you may borrow from your credit union is linked to the amount of savings you have with the credit union. Low cost loans are a major benefit of credit union membership, as millions of people around the world have found out.

Where else could you borrow £1000 over 1 year for just £65 in interest charges?

	The interest on a credit union loan cannot, by law, be more than 1% a month on the reducing balance (12.68% APR).
	All loans are insured at no cost to the borrower, so a debt is cleared if you do not live for the length of the loan.
	Credit unions charge no arrangement fees.
	Credit unions are about service, not profits. As a member, the staff and officers are there to provide you with a service, not sell you something you don't need, or make rigid demands of you.
	A credit union will take a person's savings record, with the credit union and their ability to pay as its main information when deciding whether or not to grant a loan. You don't need to have an established credit record to borrow from a credit union.
	You could pay your loan back straight out of your wage packet, from your bank account, or at a local, convenient office.
	Credit unions do not make an additional charge if a loan is paid off early.

Applying for a Loan
All loan applications must be made on a Loan Application Form which is available from the credit union office or from the Forms section of this site. The Credit Committee meet once a week to consider applications. Once the Credit Committee have approved an application, a loan agreement form will be prepared for the members signature. Payment of loans can be made by cheque of direct to your bank account.