FAQ - Loans

How Can I Apply for a Loan?

If you are already a member with us, you can apply online. 

If you are not yet a member with us, you can apply for free membership and a loan at the same time by completing our new member loan application pack which can be downloaded, or posted to you at your request.  

Before applying, please read our guidance notes to ensure that your loan application is fully completed and the supporting information needed is provided. We also have a summary of responses to frequently asked questions below.

What Can I Apply For?

We welcome loan applications for any purpose, which will be assessed on an individual basis, subject to ability to repay. Loan applicants must be aged 18 or over. If you already have a loan with us, you will need to repay at least 25% of your current loan before you can apply for a top-up loan (or one third if you are currently repaying your first loan with us).

Do I Need to Save Before Applying?

No - if you have a bank account and are able to provide bank statements or an open banking authorisation to support your loan application, then you don't need to save with us before applying.

If you don't have a bank account and don't already save regularly with us, we ask that you save for at least four consecutive weeks  before applying for a loan.  

How Much Can I Borrow?

We offer loans of up to £15,000 in excess of your savings with us. We are a responsible lender, and we always advise that you apply for an amount that you are confident you are able to repay. We may carry out credit checks to help us make responsible decisions, although we do not base our decisions on a credit score.

What Supporting Information Do I Need to Provide?

Whether you apply online or submit an application by post, we will need the following supporting information to process your application:

• a full month's bank statement (issued in the last 3 months) or authorisiation for us to securely access your statement online via open banking through our partners Credit Kudos.
• proof of address (if you are not an existing member, or if you have moved since your last loan aplication with us and haven't already provided proof of your new address)
• proof of income (e.g. a recent payslip if you are employed, benefits statement if you are unemployed or business bank account statements, receipts or invoices if you are self-employed)

In some circumstances, we may need to ask you for additional supporting information to help us to assess your individual loan. 

How Can I Receive My Loan?

After your loan has been approved and you have signed your loan agreement, we will transfer the payment into your nominated bank account the same or next working day. 

How Can I Repay My Loan?

You can repay your loan in the same way as you make deposits into your savings. This can be through standing order,  payroll deductions or direct Child Benefit payments.  If you do not have a bank account, you can also pay at any Post Office or Paypoint outlet using a payment card, or at our branch at 4 Working Street, Cardiff, CF10 1GN. 

What About Repayment Periods?

Loans can be repaid over a period of up to 5 years (60 months), depending on circumstances and the value of the loan. When applying for a loan, you have the option to choose either weekly or monthly loan repayments.

What About My Savings?

We ask that all our members save a minimum of £10 a month with their loan repayment. We also request that you maintain your savings (up to the value of your outstanding loan) in your account until your loan is repaid. Members making weekly repayments are asked to make a minimum £2 per week payment into their savings.

How Much Will it Cost to Borrow?

Members can use our website loans calculator on the homepage to find out how much it will cost to borrow a loan with us. Please note that this calculator is based on our standard loan rates. Rates for loyalty, promotional or credit consolidation loans are charged at specific rates, subject to eligibility. If this is the case for the loan you are applying for, we will advise you of the details if your loan is approved.

Anything Else I Need to Know?

If you have any other queries, please contact us directly and we will be happy to help.