Saver Loans

To apply for a West Cheshire Credit Union Saver Loan, you will need to be a member and have shown a commitment to save for at least 8 consecutive weeks before application.

What you need to do.

·       Complete a loan application form available to download here or from one of our offices.  Please ensure that all sections are complete or your application may not be processed. Alternatively you can complete the application online here.

·       Return/submit the application form together with;

Last 2 month’s bank statements for all accounts 

Last 2 month’s wage slips if employed

Latest Universal Credit statement, (if applicable) showing your payment breakdown. 

·       One of our loans officers will look at your application and may undertake a credit search to confirm that the details given in relation to previous credit are accurate.

Please note that applications that do not disclose previous poor credit are likely to be declined however if declared we will still consider the application and it may still be approved.

We look at a number of factors when considering your loan application including but not limited to, accuracy of information given on application form, previous history with the credit union where applicable and affordability.

·       If your application is approved we will post a loan agreement form to you.  Read through your loan agreement and if you are happy to proceed sign and date the agreement and complete the bank details that you would like the funds to be paid into.  If a standing order form has been enclosed you will need to complete and return this also, without this we will be unable to pay out your loan.

·       Return the completed loan agreement and standing order mandate where applicable to our Chester or Ellesmere Port office.

·       We pay out your loan.  If received before midday we will endeavour to have the funds transferred to the account requested the same day.  If received after midday the funds will be transferred on the next working day.

·       Please note we only pay out loans via bank transfer or cheque.  For security reasons we do not pay out loans in cash.

'Top Up' Saver Loans.

Should you wish to increase your borrowing from the credit union you may be able to apply for a ‘Top Up’ loan. 

Members with a saver loan of £650 or less can apply to top up their loan subject to the following;

o   The top up amount must be at least £100

o   Your loan account must be up to date. 

o   A loan can only be topped up and extended to a maximum of 5 years from the original advance date.

o   The application process is the same as that detailed above and approval is subject to meeting current lending criteria. 

Members with an original loan above £650 may be able to apply for a top up subject to the following;

o   The existing loan must be at least half way through

o   Your loan account must be up to date

o   You must have savings equal to at least ¼ of the total borrowing requested

o   A full loan application as that detailed above is required and will be subject to the lending criteria at the time of application.

Family Loans

Our Family Loans can be applied for at the same time as joining the credit union without the need to save beforehand.

What you need to do.

·       Complete a loan application - forms are available to download here or from one of our offices.  Please ensure that all sections are complete or your application may not be processed. Alternatively you can complete our online application here.

·       Return/Submit the application form together with;

Last 2 month’s bank statements for all accounts

Last 2 month’s wage slips if employed

Latest Universal Credit statement, (if applicable) showing your payment breakdown. 

·       One of our loans officers will look at your application and may undertake a credit search to confirm that the details given in relation to previous credit are accurate.

Please note that applications that do not disclose previous poor credit are likely to be declined however if declared we will still consider the application and it may still be approved.

We look at a number of factors when considering your loan application including but not limited to, accuracy of information given on application form, previous history with the credit union where applicable and affordability.

·       If your application is approved and this is your first loan we will give you a call and arrange for you to come in to one of our offices and have your child benefit transferred to your credit union account. 

·       At this time we will ask you to read through your loan agreement and if you are happy to proceed you can then sign your documentation and provide the bank details for the account you would like the funds to be paid into. 

·       Now we can pay out your loan.  If the transfer and agreement are completed before midday we will endeavour to have the funds transferred to the account requested the same day.  If received after midday the funds will be transferred on the next working day. 

·       Please note we only pay out loans via bank transfer or cheque.  For security reasons we do not pay out loans in cash.

Top Up Loans - Family Loan Accounts

Should you wish to increase your borrowing from the credit union you may be able to apply for a  ‘Top Up’ loan subject to the following;

o   The ‘top up’ amount must be at least £100

o   Your loan account must be up to date. 

o   A loan can only be topped up and extended to a maximum term of 5 years from the original advance date.

o   A full loan application, as that detailed above, is required and will be subject to the lending criteria at the time of application