Borrowing From Your Credit Union

We will make available lending products to meet member’s needs as required by and in accordance with the Credit Union Act 1979.

We 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).

We have 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. We reserves the right to conduct credit reference checks before a decision is made on loan applications.

Loan Calculator

To use, move the sliders to enter the amount you wish to borrow and payment period in months.

Loan Calculator2a
Total amount borrowed: £1200
Payback over 12 months
Monthly repayment: Total interest: Interest Rate:

PLEASE NOTE: The results of this loan payment calculator are for comparison purposes only. They will be a close approximation of actual loan repayments if available at the terms entered, from a financial institution. This is being provided for you to plan your next loan application.

Reason to Choose Moray Firth Credit Union

No Arrangement Fees

While other financial organisations charge fees for setting up loans, we don’t. Moray Firth Credit Union exists to provide a service to you, not to profit from you.

No Early Repayment Fees

Whilst other financial organisations charge you extra if you want to increase your payments and settle your loan early – we don’t. We know it’s in your best interest to pay your loan off quickly as you can as this reduces the amount of interest you pay.

Reducing Loan Balance

As you pay your loan off, the amount of interest you’re paying back also reduces. This makes your loan cheaper, even though on paper the APR rate may appear higher.

FAQs ?

Here our most asked questions but if you still have a question please don’t hesitate to get in touch with the team.

Our 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
  • We will ask all members to sign a DWP form in the event it is needed within the term of the loan (except secured loans).

These documents should be included with the loan application.

To apply for a loan you must:

  • Be aged between18 and 80 and be an existing member
  • Not be in a current bankruptcy, DAS or Protected Trust Deed debt scheme

DWP / Universal Credit Claimants 

  • The maximum first time loan to DWP borrowers will be £300.
  • 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.

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 or at the discretion of the Credit Committee.
  • 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 unless agreed by the Credit Committee.

Borrowers of £5000+

  • Only available to regular members who have established a good savings and repayment record

Yes, whilst other financial organisations charge you extra if you want to increase your payments and settle your loan early – we don’t. We know it’s in your best interest to pay your loan off quickly as you can as this reduces the amount of interest you pay.

From 17 February 2022 for all new loans


Simple Interest


Monthly Interest * APR%
Up to £1,000




£1,001 to £4,000




£4,001 – £7,500








Secure Loans





All loan applications will be assessed on a member’s need and ability to repay the loan.Monthly interest is based on a reducing balance.  Interest is calculated daily.  There are no early repayment fees.

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

You do need to be a member of Moray Firth Credit Union in order to borrow from us.  Each application is accessed on individual circumstances and we use Equifax to carry out a credit search to assist us in making a decision on your loan application.

For first time loans, evidence of income, expenditure and bank statements may 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

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.

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 outstanding balance of the loan is repaid in full