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Northumberland Credit Union

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Since we don't do external credit checks but depend on members' savings patterns and loan repayments to establish an 'internal credit rating', the Board has adopted a new loan structure linked more closely to regular savings.

You can apply for your 1st loan when you have saved regularly for 8 weeks (2 months if paying monthly).  You can then borrow up to £100 more than you have saved.  For instance, if you have saved £60, you can borrow £160.

If you pay off that loan properly, you qualify for a 2nd loan of up to 2 x value of your savings, so it helps to continue saving while paying off your first loan

After paying off that loan, you qualify for a 3rd loan of up to 3 x value of savings.

After paying off that loan, you can borrow up to 4 x times value of savings, up to a maximum of £3,000.

Northumberland Credit Union Ltd. | 37 Shields Road | Morpeth | Northumberland | NE61 2SA Contact us here
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority | Firm No 219785 | Member of ABCUL, the Association of British Credit Unions Ltd.

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