Plymouth and District Credit Union

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.

Useful links

Financial Service Authority

Association of British Credit Unions

Consumer Credit Counselling Service

Money Advice Service

Plymouth and District Credit Union is a trading name of HOPE (Plymouth) Credit Union Ltd
Registered Office: 142 Union Street, Stonehouse, Plymouth PL1 3HL. Registered Number IP00561C
Authorised and Regulated by the Financial Services Authority. FRN 213688
A Member of the Association of British Credit Unions Ltd (ABCUL)