When your savings aren’t enough, you may need to borrow a little to make up the shortfall. Some lenders are very expensive and quick to penalise you if you fall behind on a payment .

The table below shows how much cheaper a loan can be from your Credit Union than from a legal doorstep lender; PayDay loans can cost you even more. Just imagine what an illegal loan shark would charge: 117,000% APR has been reported!

After 13 weeks (3 months) of regular saving and with at least £100 in your account, you can apply for your first loan which is usually up to twice the amount you have saved up to a maximum of £500. We can be more flexible with subsequent loans.

  * interest on the outstanding balance at

     2% per month (26.8%APR)

  * no penalties for early repayment

  * flexible repayments

  * no hidden charges

   Loan  Weeks  Weekly  Interest %APR  Total Paid
 HRCU    £500    52    £10.92    26.8    £567.75  
 Provident      £500    52    £18.00    299.3    £936.00
        SAVE    £368.25
 HRCU    £300    52    £6.56    26.8    £340.57
 Provident      £300    52    £10.80    299.3     £561.60
         SAVE    £221.03

If you submit a loan application, we can usually give a decision by the end of our next working day (Tuesday, Thursday or Friday) . However, some loans need to be discussed with the credit committee first so may take a few days longer.  Payment of a loan will then be made by the end of our next working day following receipt of the signed agreement.
You can download the form from the Forms page of this website.