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Tel: 0141 445 0022 Fax: 0141 440 2294 Email:

30 March 2017
Guidance on loan regulations

Applying for a loan from the NHS Credit Union is quick and easy with help and guidance available at all stages of the application process.

You can now apply for a loan online, using one of the simple forms available to members. To help you get started, we have outlined some of the main requirements and conditions. You can also find out what the costs are likely to be by using our handy online loan calculator.

With regard to unsecured loans (where the value the member wants to borrow is greater than the amount they have in their savings) the guidelines are as follows:

New members can apply for a loan after just one monthly or four weekly payments to their savings account.

While repaying a loan you are required to pledge your savings as security against your loan and continue saving (a minimum of £10per month). In this way, as your loan is being repaid your savings will continue to grow.

To be eligible to apply for an unsecured loan, you must have savings in your share account equal to at least the cost of one monthly loan repayment PLUS £5 (which is the minimum shareholding). For example, to apply for a £6,000 loan over 60 months, you need a minimum of £130 in your shares. (£125 to cover one monthly loan repayment, plus the £5.)

The maximum term you can take an unsecured loan over is seven years. The minimum amount available for an unsecured loan is £500. The maximum amount is £20,000.

With regard to Share Secured Loans, the main requirement is that the amount you wish to borrow is less than the value of your credit union shares.

The maximum term you can take a secured loan over is 10 years.

Regardless of which product you decide on, you will always be encouraged to plan your credit union borrowing sensibly, taking into account factors such as how much you want to borrow, how often, and how much you can afford to pay back. In this way the membership Services Officers can ensure your loan meets your needs - and is affordable.

The maximum loan facility available is a total of £20,000 plus the value of the member's shares.

Remember that if you are applying for a loan, you should take any existing borrowing into account when calculating the amount you are eligible to apply for, and the repayment terms you specify.

To apply for a loan online, log in as a member and then just select the relevant link on the online application section.

If you have difficulties, please call our office on 0141 445 0022 where a member of staff will be happy to assist you.

NHS Credit Union Limited Tel: 0141 445 0022 Fax: 0141 440 2294 Email: Web:
NHS (Scotland & North England) Credit Union Ltd is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. ‘NHS Credit Union Ltd’ is a registered trading name of NHS (Scotland & North England) Credit Union Ltd.