Loans

Why choose a Credit Union loan? – Our loan products are designed to be fair, flexible and competitive. – All loans carry free life assurance (some conditions do apply) – Our lending rate is not based on your credit rating – We will tell you the interest charged on the amount you want to borrow before you apply – If we think you can afford to repay your loan over a shorter term we will advise you to – and save you money! – There are no arrangements fees but if you are not already a member of the credit union you do have to join which costs £5 and have a minimum of £5 in savings (£10 in total) – There are no penalties for early settlement or for paying extra on your instalments – All members are eligible to apply for loans which, under the Credit Union Act, have to for ‘provident and productive’ purposes such as the purchase of a car or to pay for a holiday. As part of our duty of care to members we ask you for enough financial information from you to ensure the loan is affordable. CMCU offers three separate loan products to suit the needs of its members:

Car Loan: Loans from £5000 – £15000 to members who can repay through payroll deduction.

Car Loans

Personal Loan: Loans from £250-£15000 for members to repay by payroll deduction or direct debit. The interest charged on these loans and the length of time you can borrow the money varies but all our loan rates are competitive when compared with similar products on the market.

Personal Loans

It is possible to have both a personal loan and a car loan from CMCU at the same time however the total amount outstanding on both loans may not exceed £15000. If you already have a loan please check your balance before applying for a further advance. Finally, we don’t want to waste your time so please do not apply for a loan if:

• You are aged under 18
• You are not eligible for membership of CMCU – check for eligibility criteria here
• You do not have an EU passport, indefinite leave to remain, or a work permit that covers the term of the loan you require
• You have had a county court judgement or have defaulted on loans in the last 12 months.
• You are an undischarged bankrupt
• Your expenditure exceeds your income

Restructuring Loan:Do you worry that your existing credit is becoming unmanageable? Do you often only make the minimum payment on your credit cards? Do you wonder if they will ever be paid off or do you economise on essentials to meet the repayments? If you are answering yes to one or more of these questions then you may benefit from amalgamating your existing credit commitments into one lower payment with a CMCU Restructuring Loan. Details can be found here:

Restructuring Loans