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Credit Union APR loan rates

Allerdale Credit Union loans

No credit union savings yet? You can still apply for a Handy Loan from our credit union. Please note we need to see your last two month's bank statements in order to complete your application.

New members must have saved a minimum of £50 for three months and have demonstrated a pattern of regular saving before they can apply for a Standard Loan. Click here to apply for a Standard Loan.

Lump sum deposits are acceptable. For new members these must be deposited for at least three months before they can be used as a basis for loans. For existing members, they must be deposited for one full calendar month.

You can view your credit union balance at any time using the WEB BALANCES feature from the members' area of this site.

Limits on borrowing

For first loans members may borrow up to the equivalent of their shares, PLUS £100. For second loans, members may borrow twice the value of their shares, up to a max of three times for third and subsequent loans.

Members may borrow up to a maximum three times the sum saved, subject to certain limitations. A member can apply for a top-up loan after six months or when 50% of an existing loan has been repaid. Repeat Top-up loans are at the discretion of the Union's loans officers.

View our loan guide

Loan application procedure

Members must complete a loan application form fully and accurately. Loans application forms are available from head office or from local credit union representative, as well as here online.

Completed loan application forms must be sent to the nearest CU office for assessment. A personal interview may be required in certain circumstances - such as for a large loan; concerns about the member's ability to repay the loan; concerns about the member's record of regular savings or repaying a previous loan.

View our loan policy & procedures

Avoid the pay day loan trap

Loan products

Credit Union Loans (based on savings)

  • A member's first Credit Union loan is at 2% per month. (26.82% APR)
  • The rate of interest for a Standard Credit Union Loan is 1.5% per month, charged on the reducing monthly balance. (19.68% APR)
  • Excellent repayment history can attract a lower rate of just 1% per month. (APR 12.68%)

Handy Loans

  • The rate of interest for a first Handyloan is 3% per month (42.56% APR), charged on a reducing daily balance. Subsequent Handy Loans are available at lower rates, subject to repayment history.

Loan Slider

£100 How much? £1000

Loan total: £

26 weeks How long? 52 weeks

Weeks to loan for:
Doorstep lender
Allerdale Credit Union
Weekly repayment

Loan () + interest ()

This loan slider is for illustration purposes only and may differ slightly from an actual quote provided by the credit union

About the loan slider

Above you can see a loan slider which can give you an example of how much your loan from the Allerdale Credit Union could cost, compared to borrowing the same amount from a doorstep lender. Contact us for an accurate quote, based on your own personal circumstances.

'Doorstep lender' is a general name for a loan company which sends an agent to your home each week to collect loan repayments. In this example, the rate of interest is set at a typical rate of 272% APR, but it could be higher for new customers.

Just click on sliders and move them from left to right to select the loan amount and the number of weeks and see how much you could save by borrowing from Allerdale Credit Union. The example given is for illustration purposes only.

Avoid the pay day loan trap