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Remember that taking a loan is not exclusivley reserved for emergancies. If you would like extra money for; Christmas, a holiday, buying a car, home improvements or special events like weddings and birthdays then we encourage you to plan, save and enjoy the benefits that having shares and borrowing from us can offer! If you withdraw any of your savings this will affect your future loan applications. We always encourage you to continue to build your shares and use them in a way that can benefit you.
To qualify to apply for your first loan as a member you must first pay into your shares for 3 months consecutively and at the same amount, this can be done weekly, fortnightly, four weekly, or monthly. However much you decide to deposit on your first payment is the amount you must continue with for the next 3 months.
On the third month you can then apply for a loan which is double the amount you have saved, up to a maximum of £1000.00 (if you have saved £700 you will still only be eligble to apply for £1000).
Once you have recieved your first loan you must pay this back between 6 and 12 months. If you pay the loan off before the 6 months is up, you will still not recieve another unsecured loan for 6 months from the last time you recieved your loan.
You will not recieve another unsecured loan until this first loan is paid off.
You must provide adequate proof of income and the loan decision will take place over the course of 7 days. If approved you will receive the money 7 days from the day of handing the form in.
Here is an example:
You become a member on the 1st of January and you deposit £100.00, you choose to pay monthly and deposit another £100.00 on the 1st of February, then again on the 1st of March. This means that you are then eligable to apply for a loan of £600.00. If you are granted this loan you must pay it back between 6 and 12 months at an interest rate of 1% of your loan balance per month. You agree to take the £600.00 over 12 months. Loan applications are reviewed over a period of 7 days and you recieve this loan on the 7th of March so for the next 12 months you pay £53.31 on the 7th of every month, paying back a total sum of £639.71.
An unsecured loan is a loan application with an amount that is over the members share balance. Once a first loan has been paid off our members can apply for up to 4 times their share value which is repayable over a maximum of 3 years. Conditions to this apply and are taken into consideration when reviewing each loan, these are conditions such as share loading (depositing large amounts of money on a one off basis so as to apply for a larger loan) and small to large loans (loan amounts that are a severe step up from previous borrowed amounts). These conditions are in place to protect our members money and to protect our main value which is to provide affordable loans for everyone. unsecured loans will only be granted with proof of ability to repay. Unsecured loans are subjected to possible credit reference checks.
A secured loan is a loan up to the value of your shares where your loan balance would not be above your share balance, this is available to all members at any time. You can always have a loan up to the value of your shares. You dont need to provide proof of income for this type of loan, only identification. These loans are granted immediately upon application.
Providing that it is not your first loan and you have paid off 20% of your last loan balance, members can apply to top up their loan to the maximum amount. This means multiplying your share balance by 4 and subtracting your present loan balance to bring it back up to the maximum. This is a new loan application and you must provide adequate proof of income each time you apply.
If you want to save for a rainy day or a holiday, a North Coatbridge account is quick and easy.
If you need a loan with North Coatbridge Credit Union, click here to find out more.
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