Borrowing

You will normally need to have saved with the credit union for three months before you can apply for a loan, but in some cases we may be able to consider a loan earlier.

In general, we will be able to lend up to five times your savings at the time your application is made. We can usually lend a maximum of £5,000, but in some circumstances can lend more. View repayment tables

Your application will be considered by the Credit Committee of the credit union, members who are elected annually from the membership. Their answer can almost always be given within 14 days of receipt of an application, and often considerably sooner.

Advantages

The interest rate is fixed, so if bank interest rates change, your repayments will remain the same
There are no charges if you want to pay the loan off early
Interest is charged only on the amount still to be repaid - not on the total amount borrowed

Loan application forms

Phoenix Fund