Why would I borrow from the Credit Union?
It can seem like there are lots of places offering loans today. Traditionally, banks and building societies have been the places to go when you want to borrow money. For people who find that traditional lenders won’t offer them credit, for whatever reason, it can seem that high-interest, payday and doorstep lenders and even illegal loan sharks are the only options.
At Barrow & District Credit Union, we do things differently. We have a loan product for every section of our community and we assess all loan applications based on affordability. People borrow from us for exactly the same reasons that they borrow from any other lender: for those unexpected expenses such as when the fridge or the washing machine breaks or to buy a new car, carry out home improvements or to go on holiday. You can see more of the reasons that our members borrow from us on our What a Loan Could Do for You page.
Repayment and Saving
We want your loan repayments to suit the way that you manage your money. All of our loans can be repaid weekly, fortnightly, four-weekly or monthly. You can repay your loan with a standing order, over the counter or by deduction from your wages if you’re a member of one of our Payroll Deduction Schemes. We will also ask you to give a commitment to save a regular amount with us for the period that the loan is in existence and we will agree the regular savings amount with you prior to the loan being released. When you have repaid your loan, you will have a pot of money saved up for whatever you might need in the future.
Free Loan Protection
Most of our loans come with built in protection at no extra cost, giving you peace of mind that in the event of your death your loan should be totally cleared. Terms and conditions apply. Find our more on our Free Loan Protection page.
Applying for a Loan
You can find out how to apply for a loan on our Ask About a Loan page.
Click on the names of our loans to find out more about them.
For our new members with less than 3 months’ savings.
For members who have regularly saved with us for at least 3 months, we offer a cheaper loan rate.
Member Loyalty Loan
For members who have had a loan (or loans) with us for over 12 months and have never missed any loan or savings payments, we offer a special loyalty loan rate.
For our members in permanent employment wanting to borrow over £2,000. We offer our lowest rate on these loans.
You can use our Loan Calculator to see how affordable a Credit Union loan can be.