Loans

    Members of the Credit union who are of full age – 18 years – may apply for a loan for a provident or productive purpose. All loans are provided from the savings of other members.
Loan applications may be made at any time during the normal office hours or online. Our Credit Committee meet every week, usually on a Tuesday and a decision on the application will be available on the following day.  First Loan applications cannot be completed online. 

Payments are arranged to suit your circumstances and there are no penalties for early repayments.  Proof of earnings, guarantor and/or other conditions may be required.
LOANS AVAILABLE
Car Loan -              5.5% - payment made to dealership.
 
Up-2-B4 Loan -     Only for existing members with a loan history - available on the                                     day of application.
Under share loan - 9% - Loan amount is less than the members shares.

Standard Loan -  12%  Members can borrow a maximum of £15,000 plus the value of their shares - payment over 5 years.
USE OUR LOAN CALCULATOR
TO WORK OUT WHAT YOUR REPAYMENTS COULD BE

 
 It's quick and easy to apply, what you need to hand when applying,
  • Details of your monthly income.
  • Your ID

We are commited to helping our members make the most of their finances. A credit union loan could help bring all your monthly payments into one place and save you money, apply today for a consoladated debt loan.

Every loan application receives careful consideration and most loans – over 95% - are granted. However, in the best interests of the Credit Union and indeed of the member concerned, some loans are refused.
 
Loan repayment terms can be anything from 1 month to 10 years depending on the purpose of the loan. There are certain loans which are regarded as Annual loans, eg. Holidays, Christmas, Car Tax, Insurance, Rates etc. Such loans should be fully paid within 12 months as these things are recurring. You would want to have money borrowed for Christmas last year, paid off before Christmas this year. Some loans for long-term things such as home improvements can be spread over a longer term in order to keep the monthly repayment down.

Choose your repayment terms wisely based on purpose and affordability and always remember the longer term you spread it over the more interest you will be paying in the long run.
 
Promissory Note

Before any loan is paid out, the member and where applicable, the guarantor, is required to sign a PROMISSORY NOTE. This is a legal document whereby the member – and the guarantor – promise to repay the loan and interest at a stated rate of repayment.

Pledged Shares

Where the amount of shares/savings at the time a loan is approved are equal to or less than the loan amount, those shares /savings become pledged as security for the loan and may not be withdrawn. It is the policy of Waterside Credit Union that any money saved after the loan is granted may be withdrawn if the loan is not in arrears.

Repayment Difficulties

There may be times when, for genuine reasons or unexpected circumstances, a member finds difficulty in maintaining the promised repayments. If this happens it is essential that the member contacts the office immediately. Any delay will make the situation worse and it will become harder to make a new repayment arrangement. Our Credit Control Officer is always available to discuss loan account problems.