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HomeLoans

Loans

Apply for a Loan Today

Whether you're expanding your business or covering personal expenses, our competitive rate makes borrowing simple and affordable. Take the next step towards achieving your goals today!

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Loans

At Waterside credit union, we recognise that every member has unique financial needs. Members who are 18 years or older can apply for a loan in-person, online, or via phone. Whether you’re looking to purchase a vehicle, expand your business, or invest in your home, we have a variety of loan options available, with interest rates tailored to you.

Repayment plans are designed to accommodate your situation, and there are no penalties for paying off your loan early.

Please note that proof of income, a guarantor, and/or other conditions may be necessary.

Under Share Loan

Loan amount is covered by share balance.
  • 12.68% APR
  • Minimum Loan £100
  • Eligible for Interest Rebate.
  • Loan has to be Repaid by 85th Birthday.

Green Loan

For those Energy Efficient Projects
  • 7.22% APR
  • Minimum Loan £4,000
  • Maximum Loan £40,000
  • Not Eligible for Interest Rebate.
  • Loan has to be Repaid by 85th Birthday.

£15k-£40k

For those bigger purchases, from £15,000.
  • 7.22% APR
  • Minimum Loan £15,000
  • Maximum Loan £40,000
  • Not Eligible for Interest Rebate.
  • Loan has to be Repaid by 85th Birthday.

Standard Loan

Our Standard Loan is our most popular loan, where members benefit from an interest rate rebate.
  • 12.68% APR
  • Minimum Loan £100
  • Eligible for Interest Rebate.
  • Loan has to be Repaid by 85th Birthday.

Family Loan

Loan up to £500, provided the member's child benefit is paid directly to your Credit Union.
  • 12.68% APR
  • Minimum Loan £100
  • Maximum Loan £500
  • Eligible for Interest Rebate.

Dream Loan

Turning dreams into reality with loans from £7,000 to £14,999.
  • 8.19% APR
  • Minimum Loan £7,000
  • Maximum Loan £14,999
  • Not Eligible for Interest Rebate.
  • Loan has to be Repaid by 85th Birthday.

First-time loan applicants:

You must submit your application in person at our office.

Existing borrowers:

If you have previously borrowed and are applying for another loan or seeking to top up an existing loan, you can do so by:

  • Visiting our office in person,
  • Calling our office by telephone,
  • Accessing the members section on our website.

Check out our loan calculator below to work out your loan repayment.
To support your loan application, we may require some additional information, such as:

  • Details of your monthly income and financial commitments.
  • A copy of your ID and recent bank statements.

We are committed to helping our members make the most of their finances.
Every loan application is carefully considered, and over 95% of loans are approved. However, in the best interests of both the Credit Union and the member, some loans may be declined.

Loan Repayment Terms

Repayment terms can range from 1 month to 10 years, depending on the purpose of the loan.
Choose your repayment terms carefully, considering both the purpose and affordability. Remember, the longer the repayment term, the more interest you will pay in the long run.

When a loan is approved, if the amount of shares or savings a member has is equal to or less than the loan amount, those shares/savings will be pledged as security for the loan and cannot be withdrawn.

It is the policy of Waterside Credit Union that any savings deposited after the loan is granted may be withdrawn, provided the loan is not in arrears.

There may be instances when, due to valid reasons or unforeseen circumstances, a member struggles to keep up with their repayment commitments. However, taking a proactive stance is crucial. If you are having difficulty meeting your loan obligations, consider the following actions:

  • Get in Touch: Contact us as soon as possible. Our Credit Control Officers are ready to discuss any loan-related issues with you. Waiting to reach out may complicate matters and affect your ability to establish a new repayment plan.
  • Develop a Budget: Create a budget that emphasizes loan repayment. Identify areas where you can reduce expenses to free up more funds for your loans.
  • Understand the Consequences: Missing loan payments can impact your credit score and may lead to additional fees or legal action. It’s crucial to address repayment issues early to avoid long-term financial damage. By following these steps, you can more effectively manage the difficulties of loan repayment and work towards regaining control over your financial future.