Tips for applying

Work out what you can afford

When we (Credit Union) receive your loan application, part of the criteria used is affordability - we look at how you can afford the repayments.

We’ll also review your income and outgoings, including any existing debt commitments, so creating a budget to see how much you have left over each month will help you avoid applying for and borrowing more than you can afford to repay. 

Check you meet the eligibility criteria

Our range of loans includes standard, family, homeowner, debt consolidation and secured, some have eligibility criteria. So, it’s important to check eligibility to make sure you only apply for loans that are suitable for you. 

Check your credit report for errors

Make sure the information included is accurate, and correct any mistakes before you apply for a loan. Any wrong information in a credit report can affect your loan application.

You can check your credit report for free, as many times as you like, and it won’t affect your credit score. It’s only when lenders do a hard credit check (typically once you apply for credit) that it affects your credit score.

Your credit report won’t tell you whether you’ll be approved, as we consider several factors when making a decision.

Build and improve your credit score

When you apply for a loan, we will look at your credit score among other things before deciding whether to approve your application.

A good credit score can help you get approved for a loan, while a poor score can stop you getting approved. Although this is not the only criteria we use for assessing a loan. 

To improve your credit score and increase your chances of getting accepted for a loan you can join the electoral register and make sure you pay your bills on time. Late or missed payments can negatively impact your credit score.

 Double-check your loan application

A small mistake can impact the outcome of your application or increase the time it takes for us to make a decision.

Make sure your contact details along with bank details are correct and that you have filled in all fields required before hitting submit on any loan application.

All loan applications require 3 months bank/building society statements to be included as standard.

And lastly don’t apply for a loan too many times

Multiple applications in a short period of time can give the impression that you’re having trouble managing your money and each loan application to any lender is recorded on your credit file. So, do some research to into the type of loan that’s right for your circumstances before applying and make sure you only apply when you need money.