Secured Loan

Secured Against Savings

Do you have savings in your credit union account? Why not secure your loan against it and borrow up to £15,000 at our lowest rate of 3.9% APR.

Loan application process

Step

1

Be a Member with shares

You must be an existing Member with shares in the credit union to apply for the Secured Loan

Step

2

Login to Online Banking

Login to or register for Online Banking to access the online Loan Application

Step

3

Apply for loan online

Provide your photo ID and proof of address documents to complete the application.

Step

4

Sit back and relax!

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

Who can apply for a Secured Loan?

Members of Cambrian Credit Union with savings in their account can apply for the Secured Against Savings Loan. By securing against your savings you can borrow up to £15,000 and benefit from our lowest rate of 3.9% APR.

The benefits of borrowing from Cambrian CU

Borrow up to £15,000

Easy application online or in branch

No early repayment fees or penalties and no hidden fees

Repayments are flexible and tailored to suit the individual’s needs

Interest is charged only on the outstanding reducing balance

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!

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Representative example

For your convenience, below is an illustrative example of the costs associated with a loan of a specific amount.

Loan amount

£1,000

Interest rate - APR

3.9%

Loan term

12 months

Total interest

£21

Monthly repayment

£85

Total cost of credit

£1,021

The requirements of a Secured Loan

  • Must be a Member with shares
  • Apply Online
  • Photo ID -Driving Licence or Passport
  • Up to three months Proof of Address such as Tenancy agreement, utility bill or Council tax bill.
  • Member to have funds available in share account to cover the loan value
  • Benefit notification may be required
  • Additional information may also be requested if partners income added or loan purpose.
Login & Apply

Loans FAQs

Have a question? Check below to see if it is answered in our Frequently Answered Questions.

How much can I borrow?

You can apply to borrow as much or as little as you need. Our maximum unsecured loan is £15,000. All loan decisions are based on your income, expenditure and your ability to repay.

Can I apply for a loan straight away?

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.

How long will a loan application take?

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!

What documents do I need to apply for a loan?

To apply for a loan we require:

Up to date photo ID

  • Passport
  • Driving License

Proof of address

  • Benefit letter
  • Tenancy agreement,
  • Utility bill
  • Council tax bill.

3 months proof of address are required for your application.

If you don’t have photo id don’t worry, we may require additional proof of address information.

Can I repay my loan early?

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.

Are there any membership fees?

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.