Loan Assessments: Find out more about our loan assessment process.
Loan assessments
- All loan decisions are made on an individual basis and subject to status.
- We look at factors including income and expenditure, ability to repay, previous savings history and history of managing credit. This may include credit scoring but we are regularly able to help members with poorer credit scores.
- We may be able to help applicants with recent defaults or County Court Judgements (CCJs) but we will expect you to be repaying them. If in doubt you can carry out your own credit search which should not harm your score –there are free checks available.
- If it’s your first loan with us then a loan similar in value to your monthly income might be a realistic starter loan. Once you’ve shown you can pay this back with no issues then you are more likely to be successful with an application if you need larger loans in the future.
- After your first loan you can usually apply to ‘Top Up’ future loans once you have paid at least half of it back in line with the loan agreement.
- We recommend you use our Budget planner to help check you can afford the loan repayment
- IT IS VITAL TO REPAY LOANS IN LINE WITH YOUR AGREEMENT. Failing to repay loans means other credit union members –your friends and neighbours- suffer. Contact us as soon as you think there may be problems, we will try to help if we can. If you do not contact us and payments cease it may affect your credit rating and we may have to pass the debt to a third party collection agent.
For more information, contact the team.
