|
Additional Links
|
Borrowing with Gateway Credit Union has many advantages... * Minimum loan £50, maximum £7,500 * Daily interest at competitive fixed rates from 11.4% - 26.8% APR * Affordable repayments to suit you * No early repayment charges or penalties - clear your loan when you like * All interest you pay goes back into the Gateway Credit Union coffers to be invested in services or returned to members * Free life insurance on all loans What you need when applying for a loan We consider loan applications for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. Applications for loans are made by completing a loan application form and attending an interview. You can apply by calling in to our office or to one of our collection Points. We will need to confirm your income, either wages or benefits and see bank or Post Office Card Account statements for the last six weeks. If you are not registered to vote then we will also want to see a copy of your tenancy or mortgage documentation. If you are not already a member you will also need to supply proof of ID. See the ID checklist for full details of what to bring. If you have any queries give our staff a ring on 01495 750020. What happens after you have applied for a loan Loan applications are considered by the Loans Committee and we aim to give you an answer within a maximum of 5 working days, once we've got all the information we need (though we're often quicker than this). In deciding whether or not to grant the loan the Loans Committee will take into account your ability to repay the loan. This is subject to a thorough assessment that includes your past experience of credit and other factors. Having a regular savings history and a good previous loan repayment history can help. All applicants are credit checked, but if you've got into difficulties in the past it won't necessarily stop you having a loan - just give us full details on the application form. 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. Don't forget that with Gateway Credit Union you are borrowing your fellow members' money - never apply to borrow if you're not completely committed to repaying their trust in you. Planning and managing repayments Gateway Credit Union is flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. You will be advised on the best repayment plan to meet your own circumstances. Members are generally advised to repay a loan in as short a time as possible and 12 months is usually the maximum term for a first loan. 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. There are no penalties or early repayment charges if you are able to pay off your loan early. Interest on credit union loans By law credit unions cannot charge any more than 2% per month on the reducing balance of a loan. This represents a maximum interest rate of 26.8% APR (Annual Percentage Rate) and that is the most you will ever pay on your loan. We have various loan products available depending on your circumstances and the amount you are borrowing and loan interest rates range from 26.8% APR right down to 10.9% APR. There are no fees or transaction charges and since the interest is charged only on the outstanding balance of the loan you will pay less interest the quicker you repay your loan. Use the Loan Calculator to see how much a Gateway Credit Union loan will cost you. As you'd expect all loans are subject to status and approval. Sorry, but we don't lend if you're lucky enough to still be under 18 years old. |
Savings Gateway scheme scrapped in todays budgetHMRC have just issued the following statement:"The Government have announced ...Child Trust Fund latestThe new Government has announced sweeping changes to the Child Trust Fund. T ... Haven't got online access to your account yet? Forgotten your PIN and need a new one? Click here for more details. |
  |
| HOME ABOUT US NEWS APPLY FORMS CONTACT US TERMS & CONDITIONS SITE MAP |