The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible.
Loans can be applied for by calling in to to our office, a collection point or via the members section of the web site. Our staff will give you any assistance required. Loans will then be considered by a Loans Officer or our Credit Committee.
In deciding whether or not to grant the loan the loan officer or credit committee will take into account the members record of savings and loan repayments, as well as ability to repay. You may be asked to provide proof of income and expenditure i.e. recent bank statements.
Members who apply via our website are reminded that they must answer all the questions on the loan application form.
Remember - only members are eligible to receive loans from your credit union.
Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. The maximum loan term for an unsecured loan is 5 years.
Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.
There are no penalties associated with clearing your loan quicker than agreed.
Black Squirrel Credit Union charges a maximum of 2% per month on all loans, this represents an interest rate of 26.9% APR (Annual Percentage Rate), although the actual rate will depend on your savings and circumstances. Even our maximum rate is much lower than many on line or doorstep providers. View our loan calculator to see how reasonable a credit union loan could be.
Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned. Credit unions do not charge fees or transaction charges.
If you apply for a loan via the website your application will be processed on the next working day. Bank statements and wage slips - when required - must be supplied with the application as attachments. You will be contacted if we need any additional information. We are normally able to make a decision fairly quickly, if we have all the necessary information.