North East Warrington Credit Union’s standard loans are savings based. You need to be a member and saving on a regular basis. Regular savings payments need to be made for a minimum of 10 out of 13 weeks. You can then borrow up to £200 or the amount in your savings plus £125, whichever is the larger. Once this has successfully been repaid you can borrow up to 3 times your savings up to a maximum of £7,500 with NEWCU Board approval.
- Low interest rate on a reducing basis: 19.25% APR up to £2999, 16.04% APR for £3000 and over
- Convenient weekly, fortnightly or monthly payments
- Borrow up to £7,500
- No credit checks
- Loan is not taken from your savings so your savings continue to receive interest
Standard loans last for a minimum of 6 months but can be spread over a maximum of 3 years.
Family Loan and Saving Scheme
Borrow up to £500 and save with your Child Benefit
- •Open a Family Loan and Saving Account
- •Service the account with your £21.15 weekly child benefit
- •Apply for a loan of up to £500
For a £500 loan
- Repay the loan at £11.50 per week over 1 year
- Total repayable: £598.00 Interest 36.32% APR
After 1 year:
If you leave the weekly balance of your Child Benefit in your account:
- •You will have paid off the entire loan including interest
- •You will have £500 of savings in your account if you do not draw on it over the year.
- •You can draw on your savings when you need to.
What are the requirements?
- •Banker’s Card (if available)
- •Proof of rental address – Rent book / original letter from letting agent
- •NI number – Card or DHSS correspondence
- •Up to date passport or English Driving Licence or Birth Certificate
- •Up to date bank statement
- •Original Payslip (If employed) – no copies
- •Payments to be made only by direct debit through the DWP
- •Application with collection of copies of documents done on one day by appointment
- •Loan will be available on receipt of first child benefit payment
- •Proof of child’s age – Birth Certificate (Limit 17)