Need a Loan?

"The Credit Union offers a range of services to our members"

The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.

Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office or via the members section of the web site. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or will go to the weekly Credit Committee meeting.

What you need when applying for a loan

In deciding whether or not to grant the loan the loan officer or credit committee will take into account the member’s record of savings and loan repayments, as well as ability to repay. We will require proof of income for all applications, this could be wage slips, bank statements showing benefits paid directly to your account etc. Once the loan is granted the member will be asked to complete a promissory note, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.

Remember - only members are eligible to receive loans from your credit union.

Planning and managing repayments

Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.

Interest on credit union loans

By law credit unions cannot charge any more than 2% per month on the reducing balance of a loan. This represents an interest rate of 26.8% APR (Annual Percentage Rate). Currently Blantyre Credit unions standard loan rate is 1% per month (12.7% APR) and we do not charge arrangement fees or transaction charges. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.

Secured Loans at a New Lower Rate

We are currently offering a reduced rate if you only borrow an amount up to or less than you have in your savings account. The rate is only 6.2%APR. Remember this could be even lower if you pay off your loan earlier. Check out the payment calculator to see how little interest you have to pay on a secured loan.