Budget Booster
Our Budget Booster Account is a credit facility that offers members the flexibility to access funds when they need
them, along with the certainty of fixed monthly repayments.
Eligibility
- Borrow up to £2,000
- Fixed monthly repayments
- Access funds as and when you need them
- Build up your savings as you repay the loan
- To be eligible to apply for a Budget Booster Loan, you must have at least £5 in your Regular Savings Account (minimum shareholding).
- Members will require the equivalent of a first month loan repayment to apply.
- New members must have one month’s payroll/direct debit in their account and a first month loan repayment before a loan application is granted.
- Members must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan.
Key Facts
- You must be a member of the NHS Credit Union.
- You must be over 18 years old.
- Free Life Insurance Cover for your Personal Loan up to the age of 79. The Loan Protection Cover allows us to make a claim upon your death or permanent disability and clear your outstanding loan balance. T&C’s apply.
- We do not charge a Loan arrangement fee or an early settlement fee.
- The Budget Booster Loan is available for specific amounts: £500, £1,000, £1,500 and £2,000.
Short-Term Help
The Budget Booster is designed for short-term borrowing needs and for temporary financial shortfalls or to use in emergencies.
Borrow Wisely
Consider accessing funds periodically and take out money only when you really need it, not the whole amount at once.
Flexible Access
Optimal use involves accessing a portion of the credit limit. Get funds when you need them, not all at once. It’s like a safety net for your money and this will help with financial stability.
Talk About Long-Term Needs
While the Budget Booster is primarily designed for short-term needs, Members have the option to discuss long-term borrowing requirements with us if you need money for a longer time. Speak with a member of the team and we can discuss options together.
Repay and Stay Ready
Pay back what you borrowed quicker keeps your safety net full and ready for the next time you need it, enhancing your financial resilience.
Loan Protection
As a member of the credit union your borrowing is protected by our Loan Protection and Life Savings insurances.
Life Insurance Benefits: In the event of the death of a life insured while this policy is in force, life insurance benefits up to the insured loan balance are payable.
Â
Â
Â
Â
Loan Application Process
Documentation Required to support your Loan application
To ensure your Loan application is assessed as quickly as possible, we may need you to share the following information with us.
When assessing your loan application:
- We may carry out a credit reference check as part of my application.
- We may require additional supporting documentation.
Documents we may request.
- Your own most recent payslip
- Open Banking or 1-month recent bank statement(s) required to verify income and all household expenditures.
- If including a partner’s income, they must complete a consent form and provided their most recent payslip/proof of income and a 1-month bank statement(s) verifying their income and expenditure.
Money Health @ NHS Credit Union
Welcome to Money Health @ NHS Credit Union, the podcast that’s all about equipping our members with the tools to achieve financial resilience and thrive! Join us for uplifting conversations, actionable advice, and inspiring stories, as we encourage you to take control of your money and build a brighter future.
Introducing our Budget Booster!
Our Budget Booster is ideal for those who need some extra help short-term or in case of emergency. Enhance your financial resilience by paying back what you borrowed quickly and keeping your safety net full.