Need a Loan?

"Borrow with Grampian Credit Union"

Borrowing the Ethical Way

Grampian Credit Union offers its members a flexible, convenient way to borrow.

All loans are based on a member’s ability to repay.  We will discuss your loan figures with you to make sure they will suit your budget and suggest shopping around if appropriate. 

As you pay off your loan you continue to save – leaving you better off than when you started!

There are no hidden charges or fees – you can make extra payments whenever you want.

All loans are covered by FREE life insurance - one of the unique benefits of credit union membership.

 

Typical Loans Amount From Amount To APR % £50 £1500 21.9% £1501 £3000 16.8% £3001 Upwards - 12.7% Bonus Loan - 7.5%

 

Example of Typical Loan Repayments 12 Months @ 18 Months @ 24 Months @ 30 Months @ 36 Months @ APR% £500 £45.28 £31.34 £24.39 £20.24 £17.48 21.9% £1501 £135.91 £94.07 £73.21 £60.75 £52.48 16.8% £3001 £271.72 £188.07 £146.37 £121.45 £104.92 12.7%

How to Apply for a Loan

If you are already a member of the Credit Union, loan applications can be submitted online within the secure member section the website.  Alternatively, you can download a loan application form by clicking the link below:

Download Loan Application Form (1188.9kb)

Loan application forms can also be requested over the phone. Simply call the office and one of our Membership Services Officers will guide you through your application and answer any questions or queries you may have.

Please note that for loans to be passed promptly, we require three full months bank statements and three recent payslips. This information should all be within the last four months.

For new members, loan applications can be submitted as soon as you join. All that we require is the completed membership application with signed payroll authority (or direct debit mandate) before applications will be considered.

Introductory Loans

These are offered to members who have never had a loan with the credit union.

• Maximum Loan £2000
• Maximum Loan term 24months
• 50% to be repaid before further loans will be considered
• 50% to be repaid in regular monthly/weekly instalments over a period of half the loan term before further loans will be considered (contact the office for further details) 
• Eligibility: 12 months employed
• If saving by cash deposit maximum loan will be £250 to be repaid over a maximum of 18 months
• Eligibility: 1 months saving history

Bonus Loans

Borrowing an amount equal to or less than what you have in savings.

This is a FAST TRACK loan and will usually be dealt with the same day it is received.

Bonus loans are charged at our lowest rate of interest.

Revolving Credit

This is designed for members who require regular funds at short notice.

Members are issued with a credit limit, withdrawing funds when they require them.

Interest will only be charged on the withdrawn balance.

You still save as you repay your loan – part of each deduction is added automatically to your savings account.

Additional Information

How will you recieve your loan?
Once approved, your loan can be paid by cheque or online banking. Allow 4-5 working days for payment to clear in your bank account for both. If the loan is to pay a bill, payment can be made directly. In emergencies, small cheques can be cashed at a specific bank.

How do you repay your loan?
Your payment will keep coming through payroll, Direct Debit or standing order as before, at an agreed amount. If you repay a loan early, you save money. Your savings are security for your loan, so withdrawals or share to loan transfers cannot be made until your share balance is higher than the loan balance. Part of the repayment adds to your savings, so they grow as your loan balance comes down.

What if your circumstances change?
Part of the credit union ethos is a sympathetic approach if members fall on hard times. If your circumstances do change, please contact us straight away, so we can arrange something to suit you.