All standard loan applications are considered by a fellow BERKSHIRE CREDIT UNION member who has volunteered to be part of the Credit Committee, which all members elect annually at the AGM.
They will consider loan applications up to £7,500 from members for any worthwhile purpose.
- Each application is treated in the utmost confidence and will be considered on its own merits.
- You must have been a member for at least 3 months and be a UK/EU citizen or hold the right of UK residency.
- When you borrow from BERKSHIRE CREDIT UNION you are borrowing from your fellow members so they have to be responsible and make decisions in the best interest of you and all our members.
- They will verify the details that you have provided on your application form with our Credit Reference Agency. Your historic commitment to BERKSHIRE CREDIT UNION is fully taken account including;
- How long have you been a member?
- Do you save regularly?
- What is your current saving balance?
- What was your repayment performance on past loans?
- For loans they prefer joint accounts and will favourably recognise this in their review.
- They will take into account how much you have requested and how long you want the repayments to be.
- As a responsible lender they will not make loan decisions that in their opinion you cant afford.
- They may ask probably by email additional questions so that they can understand your circumstances fully.
- It is unlikely that the application will be accepted if there are any unsatisfied defaults or County Court Judgements (CCJs) or if you are currently under a debt management plan or IVA. But they may consider it, especially if you have been a committed member.
- They operate in accordance with the Data Protection Act 1998 and treat all information in strictest confidence.
- They may stipulate that you current share balance cannot be withdrawn until the loan is repaid. Similarly they may require mandatory savings per month be made until the loan is fully repaid.
- They will notify you of their decision by email.