Loan Policy Changes

05 Mar Loan Policy Changes

To ensure our credit union continues to support our members through lending, we changed our loan policy.  We feel these changes help members borrow when needed, access quicker loans and use the credit union services to their full potential while protecting the credit union.

Changes

1. Removal of the previous restriction stopping members from applying for a top-up if they haven’t repaid 50% of the previous balance.
2. Increased the maximum term of the Introductory Loan from 12 months to 18 months, supporting members’ affordability.
3. Loan Documents – Members must supply 2 bank statements and 2 payslips with all loan applications.
4. Members who have active Trust Deeds, Bankruptcies, IVAs and Debt Management Plans will not be approved for lending.