Our revolving credit facility for members.
Our Budget Loan Account is a revolving credit facility that offers members 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.
While repaying a Budget Loan, you are required to maintain a sum at least equivalent to two months' loan repayments PLUS £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.
To apply for a Budget Loan online, log in as a member and then just select the relevant link on the online application section. Alternatively, to find out more, call our offices now on 0141 445 0022.
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.
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.
Members can access available funds from their Budget Loan Account at any time. Withdrawals can only be made in multiples of £50. 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 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.