Members of the Waterside Credit union aged over 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. We now offer same-day loan approval, subject to status with the majority of loans approved and paid to members on the day of application 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.
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 YOUR REPAYMENT
It's quick and easy to apply, what you need to hand when applying,
- Details of your monthly income and financial commitments.
- Your ID and bank statement
We are commited to helping our members make the most of their finances.
Every loan application receives careful consideration and over 95% of loans 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 5 years depending on the purpose of the loan.
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.
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.
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are equal to or less than the loan amount, those shares /savings become pledged as security for the loan and may not be withdrawn. It is the policy of Waterside Credit Union that any money saved after the loan is granted may be withdrawn if the loan is not in arrears.
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.