Loan Policy and Procedure Summary
Qualification Period
Before applying for a loan, you must be over 18 years old and have been saving
regularly with the credit union for a period of not less than 10 weeks. The Credit
Committee, which is responsible for approving all loans, will be looking for a regular
pattern of saving over that period rather than one or two large payments.
How to Apply for a Loan
You can get a Loan Application form from any service point
(except for Derrys), by post or on line. It normally takes 2 weeks to process a loan
from receipt of your completed application, but in an emergency, we will try to speed this
up. If you ask, our service point staff will help you to fill in the application form.
First Loan
You could borrow up to twice your shares to a maximum of £150. If you have more than
£150 in shares, you could borrow up to the amount of your shares.
Second Loan
Provided you paid back your first loan satisfactorily, you could borrow up to twice
your shares.
Further Loans
Provided you paid back your earlier loans satisfactorily, you could borrow up to three
times your shares.
Maximum Loan Amount
We are unable to offer loan amounts above £5,000 currently.
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