This loan is for you if:
- you work for an employer (see the list below) who will send us the loan repayment direct from your salary or stipend AND
- you are a member of their defined benefit occupational pension scheme that includes a lump sum (known as a commutation)
- you are intending to retire within the next three years
- you looking for a personal loan between £5,000 and £20,000
- the interest only repayments will result in the loan being more affordable
|Loan Value||Monthly Interest Only Repayment|
HAVE YOUR BANK STATEMENTS READY
We will also need you to send in your most recent bank statement showing at least one month’s transactions and proof of your income, if you regularly use more than one bank account please provide statements for those accounts, too. We will also need to see a copy of your most recent annual defined benefits pension statement.
HOW TO SEND IN YOUR BANK STATEMENTS
Most online banking provides the facility to download bank statements as a PDF or a CSV file and these can be sent to us as an email attachment. If you usually receive paper statements these can be scanned or if you use a smart phone photographed and sent as an email attachment to Loans@cmcu.org.uk.
If you would prefer not to email bank statements, you may submit them by post to CMCU, 3 Beaufort Buildings, Spa Road, Gloucester, GL1 1XB but this may cause a slight delay to your application.
The following employers are currently part of the payroll deduction scheme:
- Methodist Connexion
- Methodist Ministers
- Church of England Church Commissioners
- Church of England NCIs
- Church of England Pensions Board
- Church of Scotland
- Church in Wales
- Diocese of Oxford
- Diocese of Salisbury MAT
- United Reformed Church
- RC Diocese of Westminster
BEFORE YOU APPLY
The loan is given on an interest only repayment plan with the agreement between the parties that the principal (that is the amount of the loan) will be repaid in full on the retirement of the borrower (or three years from the date of the agreement whichever is the sooner date). The loan will usually be repaid from the “commutation” i.e. lump sum element of the pension. Like all CMCU’s loans, there are no penalties for early settlement. If during the three year period you decide to defer your retirement you can change the agreement to repay the principal but this would be at the credit union’s standard lending rate for the amount at the time.