| Who may join the Credit Union? |
Anyone who lives within the common bond.
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| How do you go about joining? |
Simply fill in the application form and bring in identification.
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| What types of ID do I need to join? |
A household bill e.g. council tax, gas, electricity plus a signed document e.g. passport, bankcard or driving licence.
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| Is there a cost to joining? |
The entrance fee is £2 plus you must pay a minimum of £1 into shares.
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| Is there a minimum amount you must pay every week? |
No you can pay in what suits when it suits you e.g. weekly, fortnightly or monthly, you can also pay directly from you bank account.
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| Do I need to be in employment to join? |
No everyone who is a permanent resident within the bond is welcome to join.
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| How long must I save before I can borrow? |
The guideline is 12 weeks, however if circumstances warrant it the credit committee can veto the waiting time.
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| Is there a limit to the amount I can borrow? |
The amount of loan is decided upon by the member's ability to repay. All first loan applications are given an interview to explain the workings of the Credit Union.
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| What is the interest rate on loans? |
The Credit Union takes 1% (APR 12.68%) interest per month on a reducing balance e.g. £500 repaid over 1 year you would pay £30.94 interest.
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| Is there a penalty for repaying a loan quicker? |
No as the loan interest is based on the reducing balance the sooner you pay back the loan the less interest you pay.
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| Who decides if I can have a loan? |
There is a Credit Committee elected from within the Board of Directors, they look at every loan application and where necessary interview the member.
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| Will my application be treated with confidence? |
The Credit Union treat all information obtained concerning a member in the strictest confidence.
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