Our loans Policy is as follows;
New members must save for a period of either 13 weeks or 3 months before they are elligible to apply for a loan.
The first loan will be restriced to twice what the member has in shares up to a maximum of £3000.
If they repay that loan satisfactorily then any subsequent loan can be up to four times the amount they have in shares (savings) The loan will have to be applied for in person in the credit union offices and some form of identifaction MUST be shown before the loan can be paid out.
We can let you have your money either in the form of a cheque or paid straight into your bank account by transfer.
We do permit top-up loans but members will normally be restricted to one top-up per loan.
Once your application has been completed it will be accepted by staff for processing but you must also have along with the application evidence of income and three months bank statements.
Your application will then be sent to the loans committee who will examinine the application and if satisfied then they will release funds.
The loans committee will meet no more than twice a week So your loan can be in your account within a few days.
If you want your loan by a certain date then it is up to you to apply for it in good time, no less than 1 week before you need the money but more notice if you can.
We have the capability to check with credit reference com...See post