Our Debt Consolidation Loans offer members the chance to combine all their debts into one easy to manage payment – and save hundreds of pounds in interest charges. 

 

And there’s now an even bigger incentive to help members get control of their finances with our new Interest Reward scheme.

 

All members who complete their loan on the terms stated at the time of the application will receive a 1% rebate on the total amount of interest they have paid.

 

It’s our way of rewarding members for taking steps to take better control of their finances.

 

Debt Consolidation Loan

 

  • Borrow up to £25,000.
  • Interest rate of 19.6%APR.
  • Maximum loan term of five years.
  • 1% rebate on total interest paid.

Product Features

 

  • Offers members the chance to combine multiple debts.
  • Helps members stay away from loan sharks and extortionate payday lending rates.
  • Supports members wanting to learn how to manage their money better in future.

 

Eligibility

 

  • To be eligible to apply for a Debt Consolidation 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 minimum Debt Consolidation Loan available is £500 and the maximum is £25,000.
  • Debt Consolidation Loan terms are 6 to 60 months.
  • The Debt Consolidation Loan interest rate is fixed at 19.6%.
  • For more key facts click HERE.

General Information

 

Our Debt Consolidation Loans are designed to help members reduce the burden of multiple debts.

 

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

 

The product can help members get out of the grasp of high-cost “pay-day” loans.

 

And our help centre partners can support members improve their approach to borrowing and managing finances through a series of fun interactive learning modules.

 

Product Terms

 

Applicants for a Debt Consolidation Loan must maintain a sum of at least £5 in their Regular Savings Account – AND continue saving a minimum of £10 per month.

 

In addition, they:

 

  • Must be a UK resident.
  • Must be over 18 years old.
  • Must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO.
  • Must agree to savings being pledged as security for the loan.
  • Must agree to pay an interest rate of 18% (19.6% APR).
  • Must be able to afford the repayments necessary for the Debt Consolidation Loan.
  • Early repayment is permitted without penalty.

 

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.

 

All members who complete their loan on the terms stated at the time of the application will receive a 1% rebate on the total amount of interest they have paid.

 

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 (up to a maximum of £15,000) 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.

How much will my loan cost?

To apply for a Debt Consolidation 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.

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Our revolving credit facility for members.

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

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A loan secured against your savings.

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

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Member of ABCUL

Authorised and Regulated by

Founder member of CFCFE

Your money is protected up to £85,000

Complies with the requirements of the Cyber Essentials Scheme

Member of GCofC

Member of SBRC

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