Standard Loans
Standard Loans
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:
- The loans are available for both new and existing members.
- The loan must be repaid within 5 years.
- With APR rates starting from 12.9%
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.
Frequently Asked Questions
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.
