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Policy

Our loan policy sets out the general criteria by which we assess the eligibility for lending to our members. The policy changes from time-to-time to reflect the needs of our members and the credit union as a whole. We use a share multiplier on our larger products (Affiliate and Non-Affiliate Loans) to determine how much you can apply for. The smaller loan products (Everyday, Member and Transfer Loans) are not subject to the share multiplier for up to £7,500. This means you can have a total outstanding loan balance spread over these products of up to £7,500 with minimal shares. For loans over this amount, with the exception of the Transfer Loan, we use the following share multiplier:

3 x shares* + £2,000 = Maximum total loan balance (up to £20,000). So, for example, if you have £4,000 in savings you will be eligible to apply for a loan of up to £14,000.

Please note that the share multiplier does not overrule product capacity limits so you should check individual loan products for eligibility. The Transfer Loan is different to our other loans as this has been built for the purpose of helping members to reduce their debt. 

*Shares must be held in a Membership account.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (No.213995)