FAQs

Frequently Asked Questions

If your question is not answered here or if you found the information you require elsewhere and believe it would be useful to have it featured on our FAQ page, feel free to call us on 01722 421 881 or send an email to office@wascu.co.uk.

Q What could I borrow money for?
A Personal loans can be taken out for just about anything that you need, such as household goods, clothes, cars or home improvements. You may also wish to get on top of your finances by repaying higher interest credit or store card debt.
Q How much can I borrow?
A As a first-time borrower you will be able to borrow up to £3,000. If you are already a member and have built up a savings pot, you will be able to borrow up to £10,000. As a responsible lender we’ll help you to work out what you can afford to borrow (based on any income, regular or not, and your ability to repay), and how much you really need.
Q What is APR?
A APR stands for Annual Percentage Rate. By law, the APR is required to be displayed on any financial products which involve a loan element. It tells you how much the loan will cost you over the term of the loan, taking into account additional costs such as annual fees and other charges. So, the higher the APR, the more you will pay for the loan.
Q What is the difference between APR and "Representative" APR?
A The interest rates on our loans are fixed – so if your application is successful the interest rate you apply for is what you will get. Financial institutions that offer “Representative APR’s” mean that only 51% of successful applicants need to be offered that rate.
Q Do I need to own my own home?
A You do not need to own your own home. Our members include both homeowners and people who rent property either privately or though the local authority or a housing association.
Q Can I get a loan if I am not in employment?
A Unlike many lenders we aim to offer borrowing to you even if you’re not in regular employment or you are receiving benefits. We will work with you to make sure you’re able to afford to pay the loan back, and to help you to start saving too, to help you to get on top of your finances.
Q How much will a loan cost?
A Our interest rates vary from 0.375% per month to 3% per month, dependent on the size of the loan and your history with us. The interest rate you pay will be fixed for the life of your loan, so you’ll always know where you are and the maximum you will need to pay each month. Our interest rates are low, so you can borrow with confidence. The maximum interest rate that Credit Unions are allowed to charge by law is 3% per month (42.6% APR).

You also get the benefit of interest being charged on a daily basis, so as your balance decreases your interest payments reduce too. Unlike many other types of loan providers, if you decide to pay off your loan early you won’t be subjected to any payment penalties, and that’s guaranteed.
Q What if I have problems with re-payments?
A We understand that there are circumstances when you might not be able to afford a payment, and at those times we’re here to help. Let us know straight away if you’re experiencing any difficulties and we’ll work with you to agree a new repayment schedule so you can continue with your loan.

If for any reason this isn’t possible, we have close working relationships with charitable debt agencies such as Citizens Advice Bureau, StepChange and Christians Against Poverty so together we’ll do our utmost to help you.
Q What would preclude me from getting a loan?
A We will be unable to offer you a loan if:
  • You are an undischarged bankrupt.
  • You are currently making payments against a Debt Relief Order.
  • You are currently making payments on an Individual Voluntary Arrangement.
If you are applying for membership to secure a loan and we decline your loan application, you can withdraw your membership if you wish and there will be no charge.        

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About Us

Wiltshire and Swindon Credit Union was formed by bringing together a number of smaller credit unions which operated around the county.

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Community Points

We run a number of community points around the county and in Swindon, where you can save or withdraw money, or make an application for a loan.

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Join Us

Membership is open to anyone who lives or works in Wiltshire or Swindon.

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