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Who may join the Credit Union?

Anyone who lives within the common bond.


How do you go about joining?

Simply fill in the application form and bring in identification.


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.


Is there a cost to joining?

The entrance fee is £2 plus you must pay a minimum of £1 into shares.


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.


Do I need to be in employment to join?

No everyone who is a permanent resident within the bond is welcome to join.


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.


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.


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.


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.


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.


Will my application be treated with confidence?

The Credit Union treat all information obtained concerning a member in the strictest confidence.