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.
To use, move the sliders to enter the amount you wish to borrow and payment period in months.
| 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.
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.
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.
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.
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:
These documents should be included with the loan application.
To apply for a loan you must:
DWP / Universal Credit Claimants
Top Up Loans
Borrowers of £5000+
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
|
Amount |
Simple Interest (Custom) |
Monthly Interest * | APR% |
| Up to £1,000 |
36% |
3% |
42.6% |
| £1,001 to £4,000 |
24% |
2% |
26.8% |
| £4,001 – £7,500 |
14.4% |
1.2% |
15.39% |
| £7,501+ |
10% |
0.83% |
10.47% |
| Secure Loans |
6% |
0.5% |
6.17% |
|
DEBT CONSOLIDATION LOANS ARE AT THE CREDIT UNION’S DISCRETION |
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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