Loans
Take Out a Loan
Whether you're looking to borrow to help with your household expenses, further your education, your dream marriage or for a larger purchase, we have the right loan to suit you. We've made it easy to borrow at a fair, affordable rate with no application fees and no early repayment charges.
Loan Calculator
Try out our quick and easy loan calculator below.
Maximum Loan Term :
12.68%
12.68%
12.68%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
- There are no hidden fees or transaction charges
- Our interest rates are fair and reasonable compared to others in the market
- Repayments are calculated on your reducing balance, so you pay less interest with each repayment
- Your credit union loan is insured – subject to terms and conditions – at no direct cost to you. Other lenders charge for this
- You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!
Our loan rate of 12.68% APR* means you can borrow at a reasonable rate of credit compared to other financial providers. Compare us to other financial service providers and you will see that you get a great deal at Abbey Credit Union Ltd.
*For a £5,000, 4 year variable interest rate loan, with monthly repayments of £132, an APR of 12.68%; the total amount payable by the member will be £6,317.
To begin with, you have to be a member of Abbey Credit Union Ltd. and have been saving for 13 weeks prior to applying.
For more information on becoming a member please click here. For members, please visit or call us and we can discuss your needs and give you an application form. You can also apply for a loan via our app.
The following documentation may be required to process a loan application:
- 3 recent pay slips (for workers)
- Most recent tax return / audited accounts (for self-employed)
- Copies of benefits / pension information (for those on social welfare)
Depending on the amount of loan and the borrowers credit history with the Credit Union, the following may also be requested:
- Recent current account bank statements/credit card statements
- Mortgage statements / confirmation from mortgage lender
- Proof of purpose
This is the most common question asked in our office. The most asked for details are below.
1st Loan:
Member must have been saving for at least 13 weeks from joining the Credit Union. The loan is limited to £100 plus the value of shares, so if you have £100 saved with the Credit Union, then you could borrow £200.
This loan must be paid back before any additional loans. This also is to judge affordability so large bulk payments to clear it quickly could mean restricted future loans.
2nd Loan:
This can be applied for once the 1st loan has been cleared. We will use how you paid the 1st loan to gauge affordability and view how you borrow, pay back and continue to save. This is restricted to £200 plus the value of shares, so if you have £100 saved, then you could borrow £300. This must be paid back in full before continuing with another loan.
3rd loan and onwards:
We judge this based on affordability and history within the Credit Union. We also may request bank statements / tax returns / other information that we feel may be appropriate to look at the income and expenditure and the impact to both the member and the Credit Union.
