Never borrowed before? No problem. Apply for a Starter loan and borrow up to £1,000 at 42.6% APR and repay over 24 months.
If you are new to Cambrian, we offer Stater loans to kickstart your account with us. Our Starter Loan is the perfect way to build your credit score, giving you access to affordable and ethical credit and starting your credit union journey. Borrow between £200 and £1,000 at a 42.6% APR.
Apply for a loan today with interest rates that suit you!
Maximum Loan Term :
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. We may need to alter an applicant’s Loan product due to affordability or other circumstances. In this instant our loans team will contact you and keep you up to date with your application.
Borrow at great rates for any purpose
Our Starter Loan is designed to allow members to borrow between £200 and £1,000, with up to 24 Month repayment period at a 42.6% APR.
|£200– £1,000||12 Months – 24 Months||42.6%|
*Annual Percentage Rate
- Borrow from £200 - £1,000
- Easy application online or in branch
- Decision and payment within 3 working days
- No impact on your credit file if you are not accepted
- Interest is charged only on the outstanding reducing balance
- Decisions by a person, not a computer
- Build your savings as you repay
- Must be over 18 years of age to apply
- Residing or employed in Wales
- Not in an IVA (Individual Voluntary Arrangement), DRO (debt relief order) or bankrupt
Will my application be approved?
Every Cambrian loan is subject to manual affordability and credit checks. Your likelihood of approval increases if:
- You are able to comfortably afford the repayments alongside your other existing financial obligations
- You haven't engaged in risky behaviours that could make it difficult for you to repay, including excessive gambling
What you’ll need
- Proof of Address - Dated within the last 6 months
- Photographic Identification – Passport or Driving License
- Benefit letter – if in receipt of benefits
- Tenancy agreement - if within term period
- Utility bill
- Council tax bill
- Your National Insurance Number
- Your recent bank statements from the past two months that demonstrate your income
If you don’t have photo id don’t worry, we may require additional proof of address information. Scanned copies, a screengrab or clear, high-quality photos can be accepted.
Have a question? Check below to see if it is answered in our Frequently Answered Questions.
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.
To apply for a loan we require:
Up to date photo ID
- 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.
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.
Every member of Cambrian Credit Union must keep £5 in their share account at all times. – annual membership fee of £3 taken on the anniversary of joining the credit union.
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