Introductory Loan for New Members


General Information


Introductory Loans are primarily offered to people who are looking for some extra help with their finances, perhaps for a large purchase or emergency situation. If you are in financial difficulties or already have bad debts, then you should consider whether it would actually be helpful to borrow more money or whether you should seek advice instead.





Interest is fixed throughout the duration of your loan agreement and calculated daily, in arrears. Interest is charged monthly and charged on your decreasing balance, so it will reduce over the duration of your loan.


We encourage you to save a little while you are borrowing.  This will enable you to qualify for better interest rates when you next need to borrow.


Our current introductory loan rates are 3% per month for loans of up to £1,000.

  •  For a new members
  •  Low interest compared to most on-line or doorstep lenders
  •  Flexible repayments terms
  •  No hidden cost
  •  Personal service

How much will my loan cost?

Product Features


  •  Maximum £3,000
  •  Maximum term is 3 years
  •  Interest rate from 2.75 % to 3% per month, fixed for the duration of the loan
  •  Repayments may be made monthly, weekly, fortnightly or 4-weekly
  •  Pay off your loan earlier without any penalty fees


  • Introductory loans are available to anyone who is not currently a member of the credit union. As part of the application process, you will be asked to join
  • An affordability assessment will be carried out, as well as credit check
  • You will be asked to save on regular basis while you pay off the loan
  • Members must not be bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan

General Information


Standard Loans are for members who have borrowed successfully before, but have not yet built up enough savings to qualify for a Loyalty Loan


While repaying such a loan you will be asked to pay into your savings account at the same time, in order to build up some resilience in your finances. We request £5 per month for loans up to £500, £10 per month for loans up to £1000 and £15 for loans above £1000. We would always encourage you to save more if you can.


Applicants must be a UK resident and at least 18 years old.


Our handy online loan calculator tool gives lets you check rates out for yourself. Simply slide to the amount you intend to borrow, and how long you want the loan to run, and you can easily try out various repayment scenarios. This facility can also be used to check out credit union rates against other lenders. Remember to include any existing borrowing to find your total repayments.


To apply for a standard loan online, log in as a member and then just select the relevant link from the online application section. Alternatively, to find out more, call our offices now on 01793 522216.




We do not charge any administration fees for accessing our loans. We do not charge for re-paying your loan early.




Interest is fixed throughout the duration of your loan agreement. Interest is calculated daily and in arrears, then charged to your loan account monthly. Interest is calculated on a decreasing balance.


Repayment Information


You may make repayments on your loan using Direct Debit or Standing Order, both of which our office team can help you with. Alternatively you can make regular repayments using your own online banking facilities, or pay in cash at one of our collection points.

Our products

Our loan products at a glance

Standard Loan

The loan you want - when you need it

Loyalty Loan

Up to 5 times your pot of savings

Secured Loan

A loan secured against your savings

Family Loan

Loan for parents against Child Benefit

Member of ABCUL

Authorised and Regulated by

Your money is protected up to £85,000