Taking out a loan with your Credit Union
If you are not currently a member and wish to apply for a loan, please join the credit union using the link on the right hand side of this page. To be eligible to apply for a starter loan, you must have been employed by the Co-operative for at least 12 months.
We will consider loan applications from our members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is Co-operative Credit Union policy to meet the borrowing requirements of as many members as possible, depending on available funds.
Our rates of interest are very competitive – from as little as 6.2% APR. Loans are usually worked out as a multiple of a member’s share balance. For example, at our standard rate of 12.7% APR, members can borrow up to four times the balance of their shares, or a Standard Plus loan can be up to six times the share balance. Starter loans are also available for our new members and first time borrowers.
With the number of pay day loan suppliers currently on our high streets, often charging interest rates of over 4000%APR, Credit Unions are a welcome alternative. We aim to provide long-term solutions, and as a not for profit, ethical organisation, the Co-operative Credit Union provides loans at much more affordable rates.
What you need to send when applying for a loan:
- A completed loan application form (follow link to download), or you can call us on 0845 602 3554 to ask for an application form to be posted to you. You can now also apply for a loan online.
- If you are applying for a starter loan, you need to send your last three months’ bank statements and payslips.
- Loan applications for any amount over £999 also require three months’ bank statements and payslips.
- For loans under £1,000, no bank statements or payslips are usually required.
- Please note that after submitting your loan application form you may be contacted and required to provide further supporting documents.
Loan Types
Loans for all purposes
Currently, our most popular loan requests are for holiday loans. It is our custom to limit holiday loan periods to 12 months. This is to enable our customers to pay off their holiday loans in time for a fresh loan for their next holiday, should they require it. This practice has resulted in many members ensuring that they get an annual holiday.
Many of our members have found the credit union invaluable when it comes to loans for unexpected large purchases, home improvements, and Christmas loans. We are flexible with regard to repayment plans, though there are some legal limitations to the length and amount of loans. Members will be advised by our team on the best repayment plans to suit their own circumstances and requirements. There are no charges for early settlement of any loan.
