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Unsecured Loan – Terms & Conditions

Unsecured Loans are for members who need to apply for more than their current savings. The minimum sum available is £500, but we realise that circumstances can change over time, so you can apply for additional borrowing while you still have a loan balance outstanding.

  1. “account” means the account maintained by the Lender for the Borrower in connection with the Loan Agreement.
  2. “credit limit” means the maximum borrowing limit the Lender is prepared to lend to the Borrower.
  3. “conditions” means the Terms and Conditions in force which may be varied from time to time
  4. “the total deduction” means the full deduction being debited from the Borrower’s wage or salary or bank account to include all other accounts maintained by the Lender for the Borrower in addition to the Loan Agreement.
  5. “payable in instalments of” means the amount of total deduction being applied to the loan including interest.
 Who Regulates Us?

The NHS (Scotland & North England) Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Registration number is 213898.

Credit Limit and Statement of Account

The Lender shall advise the Borrower of the Credit Limit of their account at the date of signing the Loan Agreement.

A statement of the account will be available to the Borrower at all time online through the Members Area or the NHS Credit Union App. You can also contact us at any time for a paper statement.

Method of Payment

The total deduction will be credited to the Borrower’s account in accordance with Condition 3 of the Loan Agreement. The total deduction will include, in addition, any other payment due to the Lender. The Lender is authorised to debit the account with the payments specified in Condition 1, for the duration of this Loan Agreement or until all monies due to the Lender, including interest have been paid.

Early Repayment

The Borrower may repay the outstanding balance and interest at any time with no early repayment fees being charged. In the event of a Member ceasing to be employed by a common bond employer, they must make arrangements to continue to repay the loan by direct debit.


Interest will be charged at the rate stated in Condition 1 of the Loan Agreement.

Attachment of Shares

In signing this agreement, you agree that all current and future shares deposited with us up to the

value of the outstanding loan will be held as security towards payment of the principal sum, interest and

expenses which may be due or become due. NHS Credit Union reserves the right to transfer funds

from any account towards any overdue balance.

Share Contribution

The Borrower is required to make a minimum £10 per month or £2.50 per week contribution to the Regular (Share 1) Savings Account over and above the loan repayment amount during the term of the loan.


The Lender may make such enquiries about the financial affairs of the Borrower as the Lender may see fit.


The Lender is a data controller of this information provided on this form in terms of the Data Protection Act 2018 as amended. In processing the application, this information will be disclosed to recognised credit reference agencies for credit checking. These agencies record this check. The information may be taken into account in credit decisions about the Borrower and members of the Borrower’s household. It may also be used for debt recovery and fraud prevention. The Lender may also consult with other Credit Unions and will take into account information concerning the Borrower’s employment prospects of which the Lender may have become aware. If the application is successful, the Borrower’s details will be held by the Lender to enable the Borrower’s loan to be managed. Details of any financial transactions involved (such as payroll deduction) will be made to the company or organisation concerned.


In the event that the Borrower defaults on their loan, or any Terms or Conditions in relation thereto, details of such default or defaults may be passed to other Credit Unions, debt recovery agents, credit reference agencies and the courts. In such circumstances it is understood that the Lender may disclose details of the Borrower’s account and any matters relating to the account to any credit reference agency and to any other individual, individuals or organisations for this purpose registered by the Lender with the Data Protection Register. This may include further credit reference checks to ascertain the extent of the Borrowers financial health.

The Borrower agrees that if they give or receive notice of termination of their employment, the Borrower shall advise the Lender immediately.   The Borrower agrees that, should they fail to make payments of any amount due to the Lender, or should their employment end for whatever reason, or should the Borrower set up a trust deed or become notour bankrupt, the entire balance outstanding will immediately become due and payable, and the Lender shall have the right to recover any sums due to them from the Borrower’s final wage or salary payment, including redundancy monies, severance payments and any other sums due to the Borrower.

The Borrower agrees that a certificate issued by the Lender’s Secretary shall be final and conclusive evidence as to the amount owed by the Borrower at any time. The Borrower assigns to the Lender all paid shares and payments on account of shares held with the Lender which the Borrower has now, or which the Borrower may have in the future, as security for payment of the balance outstanding and also interest and expenses which may be due or become due, and the Borrower authorises the Lender to apply all or any such paid shares payments on account of shares towards the satisfaction of any amount which the Borrower may owe them.

The Borrower is aware that the Loan Agreement is a legally binding contract and that, if the Borrower fails to comply with any of its terms, the Borrower may render themselves liable to further action, which may include Court action. There are no penalty fees for missed payments, but the Borrower will be required to pay the Lender’s legal expenses if the Lender requires to take court action to obtain repayment of all sums due under the Loan Agreement.


We are committed to protecting your privacy, and will only use the information you give us, or we collect about you lawfully in accordance with the Data Protection Act 2018. We will collect information about you for two reasons – firstly, to process your application and secondly to provide you with the best possible service. If you have any questions or comments about privacy, please contact us or visit our website:


The Lender may terminate the Loan Agreement and demand and pursue immediate repayment of all sums due in respect of the Loan Agreement after giving any written notice required by law if:

  1. The Borrower shall fail in any material respect to keep any part of the Loan Agreement.
  2. The Borrower shall have deliberately given false information or given inaccurate information in connection with the Loan Agreement or any other Credit Agreement between the Borrower and the Lender.
  3. The Borrower shall be the subject of a Court action which has effect of taking away from the Borrower’s control the whole, or substantial part of, the Borrower’s assets.
  4. The Borrower shall become incapable in law of managing their own affairs.
  5. The Borrower shall set up a trust deed or become notour bankrupt.

Should the Lender terminate the Loan Agreement or should the Borrower default, the Lender is entitled to the repayment of the whole sums due under the Loan Agreement and may retain all monies held by the Lender for the Borrower in all savings accounts and apply the said monies held on or towards payment of the balance outstanding in terms of the Loan Agreement.

Cancellation Rights

If no funds have been paid into your account and you wish to cancel your loan application, just let us know you no longer wish to proceed, and it will be withdrawn. This can be done via telephone, in writing or via our secure messaging App Nivo.

If funds have been paid into your account: –

The Loan agreement may be cancelled within 14 days after the loan is advanced to you by telling us in writing by post or via our secure messaging App Nivo.

Under the Financial Service (Distance Marketing) Regulations 2004, the Borrower may cancel this agreement, even if there has been face to face contact with the Lender regarding this agreement, within 14 days of the Borrower’s receipt of these contractual Terms and Conditions. The cancellation period commences on the date the Borrower signed this agreement. The agreement can be cancelled after any funds paid to the Borrower under this agreement (minus any payments to the loan that the Borrower has paid to the Lender under this agreement) are returned to the Lender. There is no penalty or early repayment fee, however the loan must be paid in full together with all unpaid interest which may have accrued. Interest will run from the date of loan issue until the date of cancellation.  Payments can be made via Faster Payment Bank Transfer. We do not accept debit card payments over the phone.

Should the Borrower wish to exercise these cancellation rights, the Lender must receive written instruction from the Borrower within 14 days of the Borrower signing this agreement. Only once funds have been received and cleared, will the agreement be cancelled.

To cancel please write to us at:

NHS Credit Union

9 Dava Street



G51 2JA

 Or send us a message through the Nivo App available to download on the App Store or Google Play Store

How your personal information is used by us and at Credit Reference and Fraud Prevention Agencies

In order to process your application, we will supply your personal information to credit reference agencies (CRAs) and Fraud Prevention Agencies (FPAs). They will give us information about you, such as about your financial history. We do this to assess creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and prevent criminal activity.


To do this, we will supply your personal information to CRAs and they will give us information about you. This will include information from your credit application and about your financial situation and financial history. CRAs will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.

We will use this information to:

  • Assess your creditworthiness and whether you can afford the product applied for;
  • Verify the accuracy of the data you have provided to us;
  • Prevent criminal activity, fraud and money laundering;
  • Manage your account(s);
  • Trace and recover debts; and
  • Ensure any offers provided to you are appropriate to your circumstances.

We will continue to exchange information about you with CRAs while you have a relationship with us. We will also inform the CRAs about your settled accounts and any debts not fully repaid on time. If you borrow and do not repay in full and on time, CRAs will record the outstanding debt. This information may be supplied to other organisations by CRAs and FPAs to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for 6 years after they are closed, whether settled by you or defaulted. Your data will also be linked to the data of your spouse, any joint applicants or other financial associates.

If you are making a joint application or tell us that you have a spouse or financial associate, we will link your records together, so you should make sure you discuss this with them, and share with them this information, before lodging the application. CRAs will also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link.

When CRAs receive a search from us they will place a search footprint on your credit file that may be seen by other lenders.

If you give us false or inaccurate information and we suspect or identify fraud we will record this and may also pass this information to FPAs and other organisations involved in crime and fraud prevention.

We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.

Your data may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 1998.

How to find out more

The identities of the CRAs, and the ways in which they use and share personal information, are explained in more detail at

This is a condensed version and if you would like to read the full details of how your data may be used please visit our website at or phone 0141 445 0022.

You can contact the CRAs currently operating in the UK; the information they hold may not be the same, so it is worth contacting them all. They can charge you a small statutory fee:

  • Experian Consumer Help Service, PO Box 8000, Nottingham NG80 7WF or call 0844 4818000 or log on to
  • TransUnion Consumer Services Team, PO Box 491, Leeds, LS3 1WZ or call 0870 0601414
  • Equifax PLC, Customer Service Centre, PO Box 10036, Leicester, LE3 4FS



Protection for your money

Your eligible deposits with the NHS Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Please click here to read “A guide to the Financial Services Compensation Scheme” or visit

Need Help? Contact the NHS Credit Union team today

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