Take control of your finances with our Consolidation Loan.

This depends on how busy we are.  We tend to be busiest in October and November in the lead-up to Christmas. In general we aim to get back to you within 24 hours but this might be two or three days at our busiest times of year.

How quickly you get an answer will depend on how promptly you provide your supporting information, including pay slips and connecting your bank account.  It’s also good to bear in mind that if you have received your application confirmation, it is in the queue, and you will be contacted as soon as possible.  Due to the way our online queues operate, chasing your application up with messages asking for an update may slow down your answer.

Yes, Consolidation Loan applications are subject to our usual lending policy and affordability checks. When you apply and you are eligible to do so (that is, you’re a member and at least 3 months have passed since any previous application) we will conduct a credit search as a routine step for all loan applications.  This will leave a mark on your credit file.  Therefore you should try not to apply too often – both with us and other lenders – as it will impact on your credit score.

Yes, you can overpay or repay your loan early at any time and there are no charges for doing so aside from the interest that has accrued against the outstanding loan balance since your last repayment.  The interest is calculated and applied daily at the rate you agreed to when you took out the loan.

To make an ad hoc overpayment, simply contact us for payment details and let us know when you have made a payment which you want to be applied to your loan. This will reduce the amount of interest owing overall.

In order to repay in full early, please contact us and explain that you would like a settlement figure to repay your loan early.  This will stop new interest being applied to your loan for 7 days to give you a set figure that you need to pay to clear the balance.  If you do not pay the loan off within the week, we will reset the interest and leave the account running as it was, therefore if you need longer than 7 days to repay you should get back in touch and request a new settlement figure.

Full details of how to make your payment will be provided along with your settlement figure.

No.  A standard condition of borrowing from the credit union is that your Regular Savings are tied in while your loan balance exceeds your Regular Savings balance.  These savings act as security should you fail to repay your loan.

Savings that are tied to your loan will become available to withdraw when your loan balance falls below your Regular Savings balance.  Only the difference between your loan balance and savings balance will be available to withdraw at any one time.

We can consider requests to withdraw Regular Savings which are tied to a loan in circumstances of financial hardship.