We welcome loan applications from members on completion of 10 weeks membership with us - in this period members are encouraged to save regularly.
We will
- Treat you with courtesy.
- Base your application on your needs, ability to repay and savings record with us.
- Ask you to provide proof of income and additional information such as recent bank statements etc.
- Tailor your repayments to what you can afford.
- Provide you with a quick response to your application.
- Insure your loan against death and permanent disability subject to our Loan Protection rules at NO cost to you. Link to Loan Protection details
- Endeavour to provide you with a rebate of Loan Interest at year end.
- Only charge interest on the reducing balance of your loan – the lower the balance, the lower the interest cost.
- Look favourably on your repayments if your personal circumstances change through illness, redundancy etc.
- Request that your first loan greater than your savings be 50% repaid before further loans are approved.
We will NOT
- Charge you any documentation, processing or other fees - there are NO hidden or additional costs.
- Penalise you for early clearance of a loan - you only pay interest on the outstanding balance.
- Pre-charge you any interest on your loan.
- Charge you balloon payments.
- Impose any penalty or surcharge interest on your account even when payments are delayed.
- Divulge any details about your financial affairs with your credit union to anyone without your consent.
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