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t: 01495 742500    

e: info@gatewaycu.co.uk

Borrowing from Gateway Credit Union

I would like to borrow on the     loan product

I want to borrow £
for a period of months
Borrowing £
50
over
12
months will cost £4.44 per month. Your total to repay will be £53.28. Illustration APR is %.



Read all about our loans below and then apply here

You can apply for a loan from Gateway Credit Union if you are not a member, but you must live or work in either Torfaen or Monmouthshire, or in NP7, NP25 or NP16. You can also apply if you work for Aneurin Bevan Health Board, Melin Homes or the Seren Group, irrespective of where you live. Click here to apply online

We have 4 loan products:

Borrowing with Gateway Credit Union has many advantages.

How to apply
We consider loan applications for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. 
You can apply online or by downloading an application form and posting it to us, or call into one of our offices or Collection Points, where we can help you to complete the application form.

We will need to confirm your income, either wages or benefits and see bank or Post Office Card Account statements. We prefer to base decisions on your household finances if you are in a couple. If you are not already a member you will also need to supply proof of ID and address. See the ID checklist for full details of what to bring.

What happens after you have applied for a loan
Loan applications are considered by our loans team and we aim to give you an answer within a couple of days once we have all the information.  Our loans team make a careful and personal assessment of whether you can afford to repay the loan and keep up with your other commitments. They also look at your credit history, but having had difficulties in the past won't necessarily prevent you from having a loan. If your circumstances are unusual or about to change, please tell us!

Once a loan is granted you will be asked to sign a loan agreement form, which is a legally binding document, being a promise to repay the loan on time and in full. Before we issue the agreements we will discuss with you the best repayment plan and method to suit your finances.

All borrowers also have to save a minimum sum of £1, £2 or £3 (£5, £10 or £15 per month) in an attached savings account, as a condition of the loan. This savings account is 'locked' until the loan is paid off, and helps us to lend to other members. It's also a nice bonus when you have finished repaying your loan.

Planning and managing repayments
Gateway Credit Union is flexible with regard to repayment plans, although 5 years is currently the maximum loan term possible. Should you experience difficulties in meeting repayment commitments you should immediately explain the situation to us and we will treat the matter sympathetically and in total confidence.

If you don't contact us and don't pay your loan we will take every opportunity open to us to recover members' money - including legal action if necessary.

 

Remember, when you borrow from Gateway Credit Union you are borrowing the savings of other local members.


Gateway Credit Union 21, Commercial Street Pontypool NP4 6JQ Telephone (01495) 742500
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 214010

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