Debt Consolidation Loan

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.

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 process our applications as quick as possible as long as we receive the relevant uploaded documents.  The quicker we receive your documents, the quicker we can approve your application!

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.

To utilise our products and services, and to maintain those services Cambrian charge the following fees:

• Current Members:
• £5 membership fee (membership fee is payable annually on anniversary of joining)
• £5 savings held in the account at all times

• New members:
• £5 set up fee
• £5 membership fee (membership fee is payable annually on anniversary of joining)
• £5 savings held in the account at all times

• Reactivating a membership:
• £5 set up fee
• £5 membership fee (membership fee is payable annually on anniversary of joining)
• £5 savings held in the account at all times

• Corporate members fees:
• £10 set up fee
• £5 membership fee (membership fee is payable annually on anniversary of joining)
• £5 savings held in the account at all times
• £10 fee payable for change of signatures on the account.

• Junior Members:
• Not for younger members until they are 16, then the account will automatically upgrade to an adult account. (Current Member)

Deposits can be made via a Payment Link which is sent once the online application is submitted, Standing Order, Benefits or Cash over the counter at one of our branches.

Photographic ID

• Current signed passport – if the passport is not UK/Irish then we will also need to see their Right to work documentation.

• EEA member state identity card (which can also be used as evidence of address if it carries this)

• Current UK or EEA photocard driving licence (Full and Provisional) – the address on the Driving licence must be checked against the record in Progress, if this does not match the Driving licence is not valid.
• Photographic registration cards for self-employed individuals in the construction industry -CIS4

• Firearms or shotgun certificate

• Residence permit issued by the Home Office to EEA nationals on sight of own country passport

• UK Citizen Card

• Armed forces identity card – unexpired

Non-Photographic ID

• Full old-style driving licence – not provisional

• Official letter from Benefits Agency/DWP/Local Authority confirming your right to UK benefits, local benefits, UK Pension  - dated within the last 12 months.

• UK Student loan/ grant paperwork – dated in last 12 months

• HMRC coding/assessment/statement/tax credit letter (not P45/P60) (dated within the last 12 months)

Proof Of Address

• Utility bill (gas, electric, satellite television, landline phone bill or broadband bill) dated within the last six months .

• TV licence or confirmation of TV licence renewal letter as long as dated in the last 12 months.

• Water bill dated in the last 12 months.

• Local authority council tax bill for the current council tax year – this must be the bill only not letters relating to the tax.

• Current UK driving licence (but only if not used for the ID evidence)

• Bank, Building Society or Credit card statement or passbook dated within the last three months.

• Original mortgage statement from a recognised lender issued for the last full year.

• Solicitors letter within the last three months confirming recent house purchase or land registry confirmation of address

• Council or housing association rent card or tenancy agreement or Occupation Contract for the current year

• Official letter from Benefits Agency/DWP/Local Authority confirming your right to UK benefits, local benefits, UK Pension  - dated within the last 12 months. Only if not used as Proof of ID.

• HMRC self-assessment letters or tax demand dated within the current financial year

• Electoral Register entry
  or
  NHS Medical card or letter of confirmation from GP’s practice of registration with the surgery – note this is not appointment letters from hospital

• HMRC coding/assessment/statement/tax credit letter (not P45/P60) (dated within the last 12 months) Only if not used as Proof of ID.

• Letter from a Prison Governor or Probation Officer (must be on official headed paper)

• UK Student loan/ grant paperwork – dated in last 12 months

• For Homeless – letter from support/social worker dated in last 3 months

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.

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.