Personal Loans are (unsecured), for members who want to apply for more than their current credit union savings.
Minimum application £500.
Eligibility
- To be eligible to apply for a Personal Loan, you must have at least £5 in your Regular Savings Account (minimum shareholding).
- Members must have their first month loan repayment in their account to be able to apply.
- New members must have made their first contributions to the Credit Union, in line with requirements set out in their welcome letter, before they can apply for borrowing.
- Your savings must be the equivalent of a first month loan repayment.
- Affordability checks will be carried out for repayments, re total borrowing, you can apply for further borrowing three months after a loan application.
- 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 minimum Unsecured Loan available is £500 and the maximum is £25,000.
- Unsecured Loan terms are between 6 and 84 months.
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.
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 balance are payable.
Find out more here