Loans
Looking for a loan?
We offer a variety of loans to suit all our members needs!
Whatever you have planned, we have loans to suit your needs. whether you're wanting to make a major purchase like a new kitchen or car, looking to consolidate existing debt, cover the cost of Christmas or booking a holiday Borrow between £100 and £15,000*
Loan decisions are currently taking 72 hours and we will contact you by text to inform you of the outcome of your application
Family Loan
Starting from 12.9% APR
Get help spreading the cost of whatever your family needs – school uniform, household items, a family holiday or more!
Borrow from £100 to £15,000
Eligibility
- Are 18 years or over
- Live in Merthyr Tydfil, Blaenau Gwent Caerphilly or Rhondda Cynon Taf
- Be in receipt of Child Benefit and agree to have it paid into your Merthyr Tydfil Borough account.
- We also request that all borrowers are to contribute a small amount into their ‘Attached Savings’.
Terms & Conditions
Family Loans are assessed on an individual member basis.
Subject to a credit search and we may request additional information to support your application.
Standard Loan
From 12.9% APR
If you're looking to borrow for home improvements, buying a new car, booking a holiday, Christmas or a special occasion, an affordable loan from us can help you spread the expense.
Borrow from £100 to £15,000
Eligibility
- Are 18 or over
- Live or work in Merthyr Tydfil, Blaenau Gwent, Caerphilly or Rhondda Cynon Taf
- A Member of Merthyr Tydfil Borough Credit Union.
- Loan to be repaid through your Standing Order or in office
- Not in an IVA (Individual Voluntary Arrangement), DRO (debt relief order) or bankrupt
Terms & Conditions
Homeowner Loans are assessed on an individual member basis.
Subject to a credit search and we may request additional information to support your application.
Homeowner Loan
7.9% APR
If you're a homeowner looking for a loan you could benefit from our competitive rate of 7.9% Homeowner loan which can be use for any purpose, e.g home improvements, holiday, new car.
Borrow from £5,000 up to £15,000
Eligibility
- You must be a homeowner for at least 1 years.
- Have no adverse credit (e.g. CCJ’s, Defaults or Missed Payments)
- Are 18 years or over
- Live or work in Merthyr Tydfil, Blaenau Gwent Caerphilly or Rhondda Cynon Taf.
- Not in an IVA (Individual Voluntary Arrangement), DRO (debt relief order) or bankrupt
- We also request that all borrowers are to contribute a small amount into their ‘Attached Savings’.
- Maximum loan term 5 years
Terms & Conditions
Homeowner Loans are assessed on an individual member basis.
Subject to a credit search and we may request additional information to support your application.
Secured Loans
5.9% APR
Do you have savings with us? Why not secure your loan against them and take advantage of our lower interest rates? Borrow from £100 up to £15,000
It’s a great way to access to money, without you having to use your savings!
Eligibility
- Are 18 years or over
- Live or work in Merthyr Tydfil, Blaenau Gwent Caerphilly or Rhondda Cynon Taf.
- Not in an IVA (Individual Voluntary Arrangement), DRO (debt relief order) or bankrupt
Terms & Conditions
Debt Consolidation Loans are assessed on an individual member basis.
Subject to a credit search and we may request additional information to support your application.
Debt Consolidation Loans
Starting from 17.9%
Take the stress out of your finances by consolidating your debts into one easy payment
Our Debt Consolidation Loan enables you to consolidate all your outstanding bills such as loans, overdrafts, store cards and credit cards into a simple, single monthly payment, making your debt simpler, borrow from £100 up to £15,000
Eligibility
- Are 18 years or over
- Live or work in Merthyr Tydfil, Blaenau Gwent Caerphilly or Rhondda Cynon Taf.
- Not in an IVA (Individual Voluntary Arrangement), DRO (debt relief order) or bankrupt
- We also request that all borrowers are to contribute a small amount into their ‘Attached Savings’.
Terms & Conditions
Debt Consolidation Loans are assessed on an individual member basis.
Subject to a credit search and we may request additional information to support your application.
Top Up Loan
APR variable
APR is variable – depending on amount and loan period.
Available to members who already have a Merthyr Tydfil Borough Credit Union loan
Loan to be repaid through your usual Standing Order or in office, adjusted to cover the new topped-up amount once agreed
Pay weekly, fortnightly, 4 weekly or monthly.
Eligibility
- Are 18 years or over
- Are a member of Merthyr Tydfil Borough Credit Union
- Have an existing Merthyr Tydfil Borough Credit Union loan.
Terms & Conditions
Top Ups are assessed on an individual member basis.
Subject to a credit search and we may request additional information to support your application.
Maximum Loan Term :
42.6%
42.6%
42.6%
42.6%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
You can apply to borrow as much or as little as you need.
Our maximum unsecured loan is £15,000.
All loan decisions are based on your income, expenditure and your ability to repay and Credit Score.
There are three ways to apply for a loan
You can download the App
You can click the 'Apply for Loan' button on the Loan Calculator on our website and follow the instructions.
Or you can drop into the office (139 High Street, Merthyr Tydfil) and pick up a loan application form to complete and return to us.
To apply for a loan we require:
Up to date photo ID
- Passport
- Driving License
Proof of address
- Benefit letter
- Tenancy agreement,
- Utility bill dated within 3 months
- Water Bill dated within 12 months
- Council tax bill.
Bank or Building Society statements dated within 3 months will also be required for your application.
If you don’t have photo id don’t worry, we may require additional proof of address information.
Loan applications are generally turned around in 72 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.
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.
There are several ways to repay your loan, one of the easiest ways is via standing order. 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.
APR stands for ‘annual percentage rate’. It shows the percentage of interest the borrower would need to pay on top of a loan over the course of one year.
The length of different loans can vary. While some (such as mortgages) have a term of many years, others are paid off in a few days or weeks. The idea of APR is to make it easy to compare the cost by requiring all lenders to display a rate based on a 1 year period.
Yes, you can repay your loan in full at any time without penalty. You can also make additional deposits to reduce the value of your outstanding loan at any time – again without penalty.
