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1. Apply online

Login to this website and use our loan application form.

2. Get your answer

We aim to get to back to all enquiries by the next working day.

3. Sign agreement

Pop in to our office and sign your loan agreement.

4. Get your loan

You can have the money in your account the same day.

Members can click here to apply online

Borrowing From Your Credit Union

Loan Applications

The Credit Union will consider loan applications from members for any worthwhile purpose. 

Applications for loans are made on a loan application form. A promissory note also needs to be completed.  (See below) Loans can be applied for by calling to our office or by telephone request or by downloading and completing the loan application form and taking it to the office. Our staff and volunteers will give you any assistance required. Loans will either be granted by the Loans officer or will be considered at the weekly Credit Committee meetings.

What you need when applying for a loan.

In deciding whether or not to give out a loan the loan officer or credit committee will take into account the member’s record of savings and loan repayments as well as the ability to repay. For first time loans, evidence of income and expenditure will be required. This may also be asked for in the case of top up loans. Once the loan is granted the member will be asked to complete a promissory form which is a legally binding document being a promise to repay the loan and to commit to regular repayments. 

Remember only members may borrow from the Credit Union

Planning and managing repayments

The member will be advised on the best repayment plan to meet their own circumstances. Should a member experience difficulties in meeting repayment commitments they should immediately contact the Credit Union office and explain their difficulties and every effort will be made to assist the member. 

Interest on Credit Union loans

Visit our loan calculator to see how reasonable a Credit Union loan could be. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if the loan is repaid in a shorter period of time.

Loan Protection Insurance

Loan Protection Insurance is the insurance cover that the Credit Union provides on the loans of its borrowing members. Should an insured borrower die the insurance cover provides that the loan is repaid in full

Moray Firth Credit Union Ltd will make available lending products to meet members’ needs as required by and in accordance with the Credit Union Act 1979.

The Credit Union will base its lending decisions on an applicant’s ability to repay the loan (capacity) and the likelihood of the credit union receiving payment on time and in full (character). The Credit Union has an obligation to protect members’ savings when granting a loan and this dual responsibility is central to this Credit Union’s philosophy of co-operation between members. The Credit Union reserves the right to conduct credit reference checks before a decision is made on some loan applications.

Credit Union Loans

Moray Firth Credit Union Ltd loans start from £50. To help the Credit Committee reach a decision on lending money, they will need to see evidence of income such as:

  • three recent and consecutive bank statements – paper copies
  • three recent and consecutive wage slips – paper copies
  • the income and expenditure of your household
  • any award letters from DWP/PIP or any other evidence of income

These documents should be included with the loan application or at least three days prior to interview.

To apply for a loan you must:

  • Be aged between 18 and 80 and be an existing member.
  • Not be in a current bankruptcy, DAS or Protected Trust Deed debt scheme.
  • Have saved money into your account for six weeks.

DWP / Universal Credit Claimants

  • The maximum first time loan to DWP borrowers will be £300.
  • The rate of interest charged will be 3% on the reducing balance at 42.6%APR.
  • The loan will only be available once the member has saved for six weeks.
  • DWP / UC claimants will be asked to sign a form so that the loan is registered with DWP/UC for repayment in the event of default.

First Time Borrowing

  • First time borrowers, not DWP, will be allowed to borrow up to three times their savings.
  • The rate of interest will be determined by the bracket of lending rates.

Subsequent borrowers

  • Subsequent borrowers who have already paid off one loan, with no missed payments, will be allowed to borrow £1000+.
  • The rate of interest will be determined by the bracket of lending rates.

Top Up Loans

  • Top up loans will be allowed on an account after the minimum of 50% of the original loan has been paid off.
  • Top up loans will not be granted if there have been missed payments on the original loan with no satisfactory explanation of the reason why.
  • Top up loans will not be granted if the member has made no attempt to save during the period of their loan.
  • Only two top up loans will be allowed in one year.

Borrowers of £5000+

  • Only regular members:
    • who have established a savings record and a good repayment record OR
    • members who pay into their account via payroll deduction OR
    • members who have 35%+ disposable income, will be eligible for a £5000 + loan.
  • The rate of interest will be determined by the bracket of lending rates.


Moray Firth Credit Union Ltd reserves the right to suggest a reduced amount to borrowers from their original request.  The Credit Committee will give the reason why the decision was made.

The Credit Union reserves the right to limit the amount of loans per household. Because of GDPR, the Credit Union is not permitted to reveal what loans there may already be in the home. Existing loans in the home may impact on the decision on whether to grant another loan to another member of the same household.

Loan repayments will be set between the member and the Credit Committee.  Should the member’s circumstances change, affecting the ability to maintain the agreed payment, the member should contact the Credit Committee as soon as possible to re-negotiate the terms of the loan.  In the case of non-payments and members disregarding any reminders, every effort will be made to recover the money, leading to court action if necessary. Any court charges will also be passed on to the member for payment.

The Credit Union will try to avoid such action and alternative additional advice will be given to members so that they are made aware of other financial services available to them.

All decisions on lending are at the Credit Committee’s discretion.

It may take at least a week for the Credit Committee to reach a decision on a loan as there may be a number of factors to consider. Once a loan has been approved, the Credit Committee will contact the member.

Amended by Moray Firth Credit Union Ltd Board of Directors – September 2020

Interest Rates 

From 2nd November 2020 , for all new loans 


Amount Monthly Interest * APR %
Up to £1000 3% 42.6%
£1001 to £4000 2% 26.8%
Beyond £4000 1.2% 15.39%
Secure Loans 0.5%



* Monthly interest is based on a reducing balance. Interest is calculated daily. There are no early repayment fees.

All loan applications will be assessed on a member's need and ability to repay the loan.

All loans will be granted at the discretion of the Credit Committee

Loan application process

How It Works?


Example repayment calculator:

Loan type
Amount to borrow?
Payback over how many months
Example repayment amount*
Repayment amount
Interest amount (or the cost of borrowing)

* These amounts are only an example, for a detailed guide of how your loan can be repaid please contact the Credit Union. We charge interest at   per month or   APR for that loan.