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t: (01685) 377888 e: info@mtbcu.org.uk

Merthyr Tydfil

BOROUGH CREDIT UNION

Loan Products

Looking for a loan?

We now offer a variety of loans to suit all of our members needs! 

Here at Merthyr Tydfil Credit Union, we offer a wide range of loans designed to suit your needs. You can read more about our loans and their terms and conditions below.
If you are interested in applying for any of our loans, simply click here.

Standard Loan – Starting from 12.9% APR
Our loans are available for new and existing members. They’re a great way to help with any unexpected bills, home updates or car costs. With affordable rates starting from 12.9% APR, our loans can help you get through a rainy day or a break away!

Here are some key points for our Standard Loan:

Family Loan – Starting from 12.9% APR
Our unique Family Loan is designed for our members that receive Child Benefit (CHB). If you’re feeling a little strapped for cash and receive the benefit, this scheme maybe the ideal choice for you. The loan has to be repaid by your Child Benefit and you would have to save a minimum of £10 per month into your savings (that’s £2 per week if you receive it weekly). The loan would also have to be repaid over the term of 12 months which makes it ideal for helping with costs of Christmas or special birthdays.

Here are some key points for our Family Loan:

Homeowner Loan – 7.9% APR
Are you a homeowner and looking for a low cost loan? We can help.
It’s a great way to help pay for a home update, new car or maybe even a special holiday! This loan only applies to members who have been homeowners for at least 3 years and been in employment for at least 3 years.  

Here are some key points for our Homeowner Loan:

Secured Loans – 5.9% APR
Our secured loans work by you borrowing against your savings. For example, if you have £500 in your savings, you would be able to have a loan up to the value of £500.

This is a great way to have access to money, without you having to dip into your savings!

Here are some key points for our Secured Loans:

Debt Consolidation Loans – Starting from 17.9%
If you currently have outstanding credit with overdrafts, credit cards or loans we understand that keeping track of repayments at different rates throughout the month can be difficult to control. That’s why we offer an affordable loan, which you use to clear the outstanding balances and allow you one monthly repayment at a fixed rate.

Here are some key points for our Debt Consolidation Loan:

We also request that all borrows are to contribute a small amount into their ‘Attached Savings’. This is usually around £1, £2 or £3 per repayment. Your attached savings are locked away, until the loan is repaid. Helping you to save and move to a Secured Loan in the future. 


How do I apply for a loan?
It’s simple and easy to apply for a loan. You can either visit our office, or apply online using the link in the right hand corner ‘Join & Borrow’.

What do you need?
We request 3 months bank statements with your loan application, you can submit this online (you will be prompted when applying), physical copies can be brought into the office or via email to: info@mtbcu.org.uk.
We also now offer Open Banking to all members that use internet banking. We can now send you a link to view your statements online in a secure way. 

If you are not already a member, you will need to supply proof of ID such as driver’s license or passport and proof of your address, such as a utility bill or bank statement.

What happens once you have applied for a loan?
Loan applications are generally turned around in 48 hours although in times of high demand this may take longer.
Your application is then given to our Credit Committee. This is a panel of individuals, who will work together to make a decision on your application. When deciding they will take into account, your ability to repay the loan. They may also run additional credit checks, such as a Credit Agency Search.
You will receive a text message from us, when a decision has been made.

What to do once you’ve received a decision
If you have been accepted for a loan; you will need to visit our office to sign the paper work.
We also ask every member who borrows, to save money into an attached savings.
This savings account cannot be accessed until the loan is paid off and helps you to save some extra cash once the loan has finished.
Our attached savings account, allow us to lend to other members, as you are borrowing from your fellow members’ savings.

How do I make Repayments?

There are many ways to ensure we receive your repayments.
One of the easiest methods is through standing order. This is something you can set up when signing your loan agreement.
We also offer repayments via; Cash, Faster Payments and Debit Card.

For a list of payments options please visit our "Payment Methods" tab above.

 

 


Merthyr Tydfil Borough Credit Union 139 High Street, Merthyr Tydfil, CF47 8DN, 01685 377888
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 213643

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