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.
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.
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.
Credit Union Loans (based on savings)
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.