 Large Bill? Broken down cooker? You may need a loan from the Ellesmere Port & Neston Credit Union!
Our loans all have the same fair interest rates - 12.68% APR, are insured against death free of charge (subject to conditions) and have a choice of repayment options.
Can I apply for a loan?
If you are aged 18 or over and have saved regularly with the credit union for at least 12 weeks you can apply for a loan.
How much can I borrow?
You can apply to borrow up to 3 times the amount you have saved up to a limit of £5000.
If you already have a loan the total of all your outstanding loans must be less than 3 times the amount you have saved
How much will it cost me?
The interest rate on loans 1% per month on the reducing balance of the loan (12.68% APR). (Interest is calculated on the balance outstanding at the end of each month) See the table below for likely repayments for loans that are paid back evenly over 1 year.
Amount Borrowed |
Weekly Repayment Amount |
Monthly Repayment Amount |
Total Amount of Interest to be Paid |
Total Amount Repaid |
| £100 |
£2.12 |
£9.06 |
£6.43 |
£106.43 |
| £250 |
£5.39 |
£22.65 |
£16.20 |
£266.20 |
| £500 |
£10.82 |
£45.31 |
£32.42 |
£532.42 |
| £1000 |
£21.65 |
£90.62 |
£64.90 |
£1064.90 |
How do I apply for a loan?
Complete a loan application form available from the collection point or the office. You will also need to complete a loan agreement form unless you would be collecting any payment from a collection point.
How long will the decision take?
For amounts under £500, where no extra information is required a decision should be available within 5 working days.
Loans for over £500 will take 10 to 15 working days to decide.
What is the decision based on?
Mainly your history with the credit union (amount, regularity of saving, and repayments of other loans) and whether we believe you can afford repayments. There is no guarantee you will get a loan.
How will I get my money?
If the decision is yes, you will receive your money in the way you chose on the application form.
This could be by:
Method of receiving loan |
Normal timescale |
Cheque payable to you |
Posted by 1st class post within 2 working days of receiving your signed loan agreement |
Cheque payable to someone else |
Transfer direct to your bank account |
Leaves our bank account within 3 working days of receiving your signed loan agreement |
Cheque made out to cash (cashed free at our nominated banks) |
Available from your chosen Collection Point at the next available opening time (or at the office by appointment) |
For security reasons loans will never be paid by cash.
When will I get my money?
If the decision is yes, a loan agreement form needs to be signed by you and received by the Credit Union before you receive your money.
If you are collecting your cheque from a collection point, this can be done at the collection point. You will be told when and where you can pick up the cheque in your decision letter.
If payment is by direct bank transfer or a cheque sent by post we will send a loan agreement form for you to complete with your decision letter. We will make the loan payment to you as soon as we receive the completed loan agreement form.
If you are not collecting your payment from a collection point please allow for time in the post/bank transfer time when working out when you are likely to get your loan payment. NB bank transfers can take up to 4 working days. |
