You can apply to borrow as much or as little as you need. Our maximum unsecured loan is £25,000. All loan decisions are based on your income, expenditure and your ability to repay.
You can become a membership and apply for a loan at the same time. Cambrian Credit Union does not currently require a member to save before they apply for a loan.
We Usually process applications within 3 working days, as long as we receive the relevant uploaded documents.
Yes, you can repay your loan in full at any time without penalty. You can also make additional deposits to reduce the value of your outstanding loan at any time – again without penalty.
Members can only apply for a loan after 60 days of their previous loan application as each application generates a credit report which has an impact on the members credit score. As ethical and responsible lenders we require up to date information regarding a member’s financial circumstances when reviewing each loan application and we feel it would be detrimental to a members financial health if a credit report was generated more frequently.
To apply for a loan we require:
Up to date photo ID
- Passport
- Driving License
Proof of address
- Benefit letter
- Tenancy agreement,
- Utility bill dated within 6 months
- Water Bill dated within 12 months
- Council tax bill.
Bank or Building Society statements dated within 3 months will also be required for your application.
If you don’t have photo id don’t worry, we may require additional proof of address information.
APR stands for ‘annual percentage rate’. It shows the percentage of interest the borrower would need to pay on top of a loan over the course of one year. The length of different loans can vary. While some (such as mortgages) have a term of many years, others are paid off in a few days or weeks. The idea of APR is to make it easy to compare the cost by requiring all lenders to display a rate based on a 1 year period.
As some members may have limited or no credit history we ask may for a benefit to be paid in rather than a Standing Order or Direct Debit. This will help the member to build their credit history with Cambrian. while also providing a secure repayment method.
We understand that Member’s circumstances can change during the duration of their loan. If our Members cannot meet their repayments we would always recommend that they speak to our dedicated Credit Control Team.
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Save as little or as much as you want but accounts can hold a maximum of £85,000.
Yes. As a member of the Government-backed Financial Services Compensation Scheme, your total savings are protected up to the value of £85,000.
Choose from Standing order, Online banking, Cash at one of our branches or through our app. Or why not save directly through you salary through Payroll Savings.
Download our Mobile App on the App Store or Google Play Store, click the Join button and follow the steps to become a member.
Or Simply print and complete one of our Member applications forms, bring a valid photo ID and a proof of address then pop into one of our service locations and a member of our team can start the process.
Please note: Paper form membership could take up to 5 working days to complete once all documentation is received.
Every member of Cambrian Credit Union must keep £5 in their share account at all times. An annual membership fee of £3 taken on the anniversary of joining the credit union.
If you decide you wish to close your credit union account there are a number of ways this can be done:
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We know that this is never an easy process to go through, so our priority is to keep things as simple and as straightforward as possible.
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An Engage Current card is a Visa debit card that can be used worldwide wherever Visa is accepted. It can be used online, in shops, over the phone or to withdraw cash from an ATM.
You must be at least 18 years old and a UK resident to be issued with an Engage Current account and card. You can only apply if you are currently a member of a Credit Union.
You can apply only apply through your Credit Union.
You may pay into your account via your Credit Union, by transfer from a bank account and by cash at selected retail outlets.
No – not unless you choose to tell them. If your repayments are coming from payroll deduction, your employer will only know that money is being sent to Cambrian Credit Union. They will not know if the money is being taken to repay a loan or to build up your savings.
Warning: Late repayment can cause you serious money problems. For help with your account please contact our team on 0333 2000 601 or visit www.cambriancu.com. For financial advice visit www.moneyhelper.org.uk
