Our Member Loan allows you to borrow for a wide range of purposes. Common purposes which our members use this loan for are home improvements, car purchases and weddings.Â
All loans are subject to affordability and our lending criteria.
Eligibility
✓  All applicants must be aged 18 or over and a UK or Isle of Man resident.
✓  You’re in paid employment or have a regular income.
✓  Only members of the Credit Union can obtain a loan (you can apply for membership within your loan application).
Interest Rates for the Member Loan
| Amount borrowed | APR |
| £0 – £4,999 | 12.89% APR |
| £5,000 – £35,000 | 7.9% APR |
Key Product Information
Loan terms and conditions should be read prior to application.Â
| Interest charging information | Interest rate fixed for the life of the loan. Interest accrues daily and is charged on a monthly basis. |
| Repayment information | You can repay your loan by payroll deduction or Direct Debit. |
| Repayment period | The maximum loan term is 96 months and must be repaid by your 70th birthday. |
| Amount of loan available | You can borrow up to £35,000 using our Member Loan. You can only borrow a maximum of £35,000 across all unsecured lending with us, however this does not include the Commutation Loan. |
| Application/ Arrangement Fee | None. |
| Missed Payment Fees | None. Missed payments can have a negative impact on your credit file. |
| Default Fees | None. |
| Early settlement | You can repay the loan at any time fully or partially without charge. |
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Download key documents here
Easily manage your account through our Smartphone app.
- Check your balances and change your contributions
- Apply for loans and make overpayments
- Make withdrawals
- Transfer funds to other members
Available on both Android and IOS.
Download on your SmartphoneYou’re covered with Life Protection
Life Protection is included with all our loans and covers you up until your 70th birthday. This does not cost you anything, it is simply another benefit of borrowing from the Credit Union and has been created purely to help our members.
Loans are protected up to a maximum of £40,000 per member. This means your loan would be cleared, ensuring your debt does not remain outstanding, subject to our terms and conditions.
All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed. For more information please click here.
Additional Borrowing
If you have an existing loan with us and want to borrow extra, there are two options available. Click here to see more information.
Need help?
If you are experiencing financial difficulty, or are struggling to repay your loan with us, please contact us as soon as possible and a member of our team will be able to assist you.
Cheadle Royal Business Park,
Cheshire, SK8 3GX
