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Loans

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The Co-operative Credit Union provides loans to support members with everyday expenses such as unexpected bills and car repairs as well as helping members live life to the full by offering loans for holidays and home improvements.

  • Our interest rates are competitive because we are a not for profit organisation owned by members and run for the benefit of members. We are also fair – there are no hidden charges or early repayment penalties with our loans and we also charge interest on the reducing loan balance to save you money.
  • Members are eligible to apply for an extension to their current loan whilst having an outstanding balance. All loans are subject to approval and no application is guaranteed.
  • We also help you protect your savings as your savings are available to use once they exceed your loan. Savings qualify for a dividend.
  • Personal loans and starter loans are subject to our lending policy and affordability checks. For all Personal Plus and New Starter loan applications we require your last 3 payslips and last 3 months bank statements, although we reserve the right to request these for any application. Borrowing history with the credit union is however always taken into account.
  • A huge bonus is that we offer FREE life cover on your loan which means that you protect your family too.

Apply for a Loan!

Product APR Supporting Your Finances

Share Secured Loan

Our Share Secured Loan is a great idea if you want to make a purchase and at the same time maintain your savings. It is also ideal if you want to build or repair your credit rating. Fully secured by the shares in your credit union account this loan offers our lowest interest rate.

4.9%
  • Very simple to organise – for example no bank statements or payslips required.
  • Protects your savings (as the loan is paid off, your savings do become available for use).
  • If you are under age 70, balances under £5000.00 are insured, In the event of death, the loan can be cleared leaving your shares to your loved ones.
  • Can be cleared at any time from your shares without any penalty.

Price Match Loan

Have you had a loan agreed by another provider at a cheaper rate. Send us a copy of your agreement and we will match the price to as low as 6.2% APR. Subject to approval, terms and conditions.

From

6.2%
  • Settle the balance at any time without any penalty.
  • Free life insurance under age 70 with a balance up to £5000
  • We are here to help you fund all aspects of your life, including helping you pay for bigger items.
  • Remember that payment plans are flexible for all our loan products – and this is particularly helpful when paying back larger loans.

Loyalty Loan

Members who are applying for a loan that is equal to or less than 4 times the amount you have saved with the Credit Union in your regular share account. Receive a 3% reduction on the rate of a Personal Loan.

From

11.8%
  • We are here to help you fund all aspects of your life, including helping you pay for bigger items.
  • Remember that payment plans are flexible for all our loan products – and this is particularly helpful when paying back larger loans.

Personal Loan

Available to New Members. For members who do not have sufficient shares to qualify for a Loyalty Loan.

From

14.8%
  • We are here to help you fund all aspects of your life, including helping you pay for bigger items.
  • Remember that payment plans are flexible for all our loan products – and this is particularly helpful when paying back larger loans.

Revolving Credit Account

Loan arrangements of up to £2500.00 on a revolving basis, subject to affordability & agreed criteria, with the facility for regular top ups requested by email or letter with no need to complete a new application form. The revolving credit account is available at a rate of 2% per month (26.8% APR).

26.8%
  • Similar to  an overdraft, the Loan Account can be used to cover shortfalls in cash flow.
  • Ideal to assist with more regular sizeable items of expenditure such as holidays, Christmas & home  improvements.