The loan that could help members rebuild their credit history
The loan that helps you get back on your feet
Our new Fresh Start Loan aims to help members in financial difficulty start to rebuild their credit history, and access a learning pack to help them manage their money better in future
Make A Fresh Start
Our new, Fresh Start Loans do exactly what the name suggests ... offer members in financial difficulties the chance to make a new start.
They are designed to help members rebuild their credit rating, and are particularly suitable for those members who find it difficult to obtain loans because of their credit history.
The product can help members access future mainline credit borrowing; help them achieve a more positive credit score - and help members whose only other finance option might be high-cost "pay-day" loans.
Another key aim is to support members in improving their approach to borrowing and managing finances, and encourage them to make arrangements to pay off debts.
Applicants for a credit rebuild loan maintain a sum at least equivalent to two month’s loan repayments in their Regular Savings Account – AND continue saving a minimum of £10 per month.
In addition, they:
Early repayment is permitted without penalty
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.
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.