Applying for a loan with Clackmannanshire Credit Union
One of the main benefits of being a member is the ability to obtain a loan. We give out loans for a variety of purposes including home improvements, car purchases, holidays and debt consolidation.
What sort of loans are available?
Clackmannanshire Credit Union offers Secured and Unsecured Loans.
If the proposed loan balance is lower than the share balance, the application would be for a Secured loan.
The interest rate for an Unsecured loan is 12% (12.68% APR)
A Secured loan has an interest rate of 8% (8.34% APR)
Who can apply?
Any adult who has been a member for a minimum of three months is eligible to apply for a loan. Please note, however, that no member is guaranteed a loan and that each application is considered on its merits.
How are loan applications decided?
Applications for unsecured loans are considered by the loan committee who meet on a Wednesday afternoon. Loans that are over £5000 above the members share balance are decided by the board which meet on the first Wednesday of the Month. The factors that are taken into account include:-
- Length of membership
- Share balance
- Household income and expenditure
- Savings history
- Loan history of previous loans
Application forms for loans
The quickest way to apply for a loan is to send us an email asking for an application form. This is sent via our secure encrypted app, Signable, and once completed it returns to us. Once we received the application we would send a link to our Open Banking app, AccountScore, and by following the on-screen instructions you would be able to send us the financial information that we, as responsible lenders, need in order to process a loan application.
Alternatively, you could download a loan application form on your computer and print it out. The completed form would then be returned to our office together with evidence of your income and expenditure. Paper applications will normally take a little bit longer to process than applications received via Signable. If you have any questions feel free to get in contact with us.