Our Budget Loan Account is a revolving credit facility that offers members the flexibility to access funds when they need them – along with the certainty of fixed monthly repayments


It’s an ideal way to help you get your finances back on track if you’ve overspent at Christmas. The account operates similar to an overdraft, or credit card. You can withdraw up to a fixed limit – and then as you make your monthly repayments, more money becomes available to withdraw. Budget Loans are available for £500, £1,000, £1,500 or £2,000, with the relevant monthly repayments being £30, £55, £80 or £100.

  • Flexibility to use the loan when you need it
  • Access more funds as you repay the original loan
  • Fixed monthly payments
  • Build up your savings
  • Easy online application

Product Features


  • Borrow up to £2,000
  • Fixed monthly repayments
  • Access funds as and when you need them
  • Build up your savings as you repay the loan




  • To be eligible to apply for a Budget Loan, you must have at least £5 in your Regular Savings Account (which is the minimum shareholding).
  • New members who have not made their first contribution must deposit at least £10 before any loan application can be completed.
  • Members must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan.

Key Facts

  • You must be a member of the NHS Credit Union.
  • You must be over 18 years old.
  • Free Life Insurance Cover for your Personal Loan up to the age of 79. The Loan Protection Cover allows us to make a claim upon your death or permanent disability and clear your outstanding loan balance. T&C’s apply.
  • We do not charge a Loan arrangement fee or an early settlement fee.
  • The Budget Loan is available for four specific amounts: £500, £1,000, £1,500 and £2,000.
  • For more key facts click HERE.

General Information


While repaying a Budget Loan, you are required to keep a minimum of £5 in your Regular Savings Account – AND continue saving a minimum of £10 per month.


Applicants must be a UK resident and at least 18 years old.


New members who have not made their first contribution must deposit at least £10 before any loan application can be completed.





We do not charge any administration fees for accessing our loans. We do not charge for re-paying your loan early.




Interest is fixed throughout the duration of your Budget Loan agreement. The current rate for our Budget Loan facility is 19.6%APR.


Repayment Information


Loan Repayments are taken from your savings account on the 1st of each calendar month. Your first loan repayment will be deducted on the 1st of the month following the loan completion date. Loan repayments can’t be deferred, and repayment holidays are not permitted.


Withdrawing funds


Members can access available funds from their Budget Loan Account at any time. Withdrawals can only be made in multiples of £20. As an example of how the account works – if a member takes out a £1,500 Budget Loan and withdraws the full amount, the monthly repayment would be £80. After making one monthly repayment, the member would have £50 available to withdraw from their Budget Loan Account.


Loan Protection


Loan Protection is a free safeguard offered by the NHS Credit Union. Your loved ones can be secure in the knowledge that your NHS Credit Union debt can be paid off, giving them peace of mind at a difficult and uncertain time.


Loan Protection is provided as a member benefit by the NHS Credit Union. It is free to every member, subject to the terms and conditions. However, it should be remembered that the terms of this free member benefit may change from time to time. The applicable rates / amounts covered are those prevalent at the date of death.


NB: Individual members do NOT have an insurance policy – they share in a free benefit offered by the credit union.

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


Alternatively, to speak to a member engagement officer, call us on 0141 445 0022 and select option 1.

Our loan products at a glance

The loan you want – when you need it.


The loan that could save you hundreds of pounds in interest charges.


Borrow up to £2,500 to help pay for annual costs.


A loan secured against your savings.


Borrow up to £5,000 to help fund further education.


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Your money is protected up to £85,000

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