To qualify for a loan, members must save regularly for a minimum period of 8 to 10 weeks. Only members age 18 and over may apply for a loan. Unsecured loans will be up to 2 times the member's share value. Loans must be repaid within a maximum of 60 months. Interest is payable on loans at 1% per month (12.68%APR). For further details see the Loan Guidelines page or download the Loan Guidelines.
As a credit union, we consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits.
Applications for loans are made on a standard loan application form and for this you need to arrange an appointment at one of our offices. You can download the loan application form. When you apply for a loan we will require proof of address. Proof of your income e.g. a pay slip would be helpful and we need to see bank or Post Office Card Account statements where you have an account.
Our staff will give you any assistance required. You just need to make an appointment and then visit the office with all the paperwork to support your application, along with a completed application form.
What you need when applying for a loan
Loan applications are considered by a Loan Officer and we aim to give you an answer within a maximum of 5 working days once we've got all the information we need (though we're often quicker than this). In deciding whether or not to grant the loan the Loan Officer will take into account your ability to repay the loan, which is subject to a thorough assessment, as well as your past experience of credit and other factors.
Having a regular savings history and a good previous loan repayment history can help.
All applicants for a first loan are credit checked, but if you've got into difficulties in the past it won't necessarily stop you having a loan - just give us full details on the application form.
Once a loan is granted you will be asked to sign a loan agreement form, which is a legally binding document being a promise to repay the loan on time and in full.
Don't forget that with Cambuslang Credit Union you are borrowing your fellow members' money - never apply to borrow if you're not completely committed to repaying their trust in you.
Planning and managing repayments
Cambuslang Credit Union is flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans.
You will be advised on the best repayment plan to meet your own circumstances.
Members are generally advised to repay a loan in as short a time as possible, and 12 months is usually the maximum term for a first loan. 5 years is currently the maximum loan term possible for an unsecured loan.
Should you experience difficulties in meeting repayment commitments, you should immediately explain the situation to us, and we will treat the matter sympathetically and in total confidence.
If you don't contact us and don't pay your loan we will take every opportunity open to us to recover members' money - including legal action if necessary.
There are no penalties or early repayment charges if you are able to pay off your loan early.
Interest on credit union loans
Cambuslang Credit Union currently charges a maximum if 12.68% interest per annum. There are NO fees or transaction charges. And since the interest is charged only on the outstanding balance of the loan, you will pay less interest the quicker you repay your loan.
It should be noted however that by law credit unions cannot charge any more than 2% per month on the reducing balance of a loan. This represents a maximum interest rate of 26.8% APR (Annual Percentage Rate), and that is the most you will ever pay on your loan. We have various loan products available depending on your circumstances and the amount you are borrowing.