APPLY FOR A LOAN WITH US

With collection points throughout Fife, borrowing money is simple and safe

We all need a little extra cash to get us by at times. Perhaps the washing machine or fridge-freezer has finally died after years of reliable use. Perhaps you are struggling to find the money to pay for the new school uniforms, or the car repairs are a little pricier than you had been hoping for.

North East Fife Credit Union gives you access to low-interest loans that you can pay back at a rate you can afford. Find out more about taking out a loan with us, below.

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CAN ANYONE BORROW FROM THE CREDIT UNION?

No, only members can borrow from a credit union.

CAN I APPLY FOR A LOAN?

Yes, any member over the age of 18 can apply for a loan. However, the credit union normally expects you to have saved for some time before you look for a loan.

WILL I BE EXPECTED TO SAVE WHILE I AM REPAYING MY LOAN?

You will be encouraged to continue to save while you are repaying your loan.

HOW DO I APPLY FOR A LOAN?

You fill in the application form and then talk it through with a loans officer

CAN I BORROW FROM THE CREDIT UNION TO PAY OFF LOANS OWED TO OTHER PEOPLE?

Yes, this may be a sensible thing to do

WHAT KIND OF THING CAN I BORROW FOR?

By law the loan must be a provident or productive purpose. This could include: buying carpets, clothing or appliances, paying for Christmas, car servicing, paying bills, or education and training costs.


Remember that borrowing money may not be the best option in a particular case. Always check first whether there is a better way of achieving what you want, before you decide to borrow.

HOW MUCH CAN I BORROW?

This depends on a lot of things:

  • How many shares you have

  • Whether you have saved regularly with the credit union

  • Whether your loan will be secured or unsecured

  • What you want the money for

  • Whether you are able to repay the loan

  • Whether you have repaid a previous loan on time

WILL I HAVE TO COME IN FOR AN INTERVIEW?

Yes, to help the credit union decide about the loan.

HOW MUCH INTEREST WILL I HAVE TO PAY?

The interest rate is one percent per month. This is annual percentage rate (APR) of 12.68%

WHAT HAPPENS IF I FALL BEHIND WITH PAYMENTS ON A LOAN?

Talk to a credit union worker about it. Decide together what to do. Remember that members rely on each other.

INTERESTED IN TAKING OUT A LOAN WITH A CREDIT UNION?

Speak to us by calling  01334 652 441