Emergency Loans
Quick access to up to £250 (3% per month – 42.6% APR). Not paid to a third-party.
It takes less than 5 minutes and won’t impact your credit score.
Overview
An emergency loan is here to help you.
Our emergency loans (currently set at £250) have been made available to members that for whatever reason may not currently have our standard loans available to them at the moment. The main difference with the emergency loans is that they are only payable to a third party directly, and they must be paid over a maximum of 6 months. (26 weeks).
Receive a simple, helpful, and personal service and know that your application is assessed like it should be – by humans, not by computers.
Key facts about our loans
- All loans with the exception of `emergency loans’ require a Clearscore report.
- Loans are assessed on a member’s affordability.
- All loans require an income & expenditure form completed & 3 months bank statements.
- Proof of income may be required (3 months wage slips, self employed accounts, benefit letters etc.)
- Loans are paid direct to a bank account (unless the loan is for the purposes of debt consolidation, which is paid directly to creditors).
Criteria
For emergency only. No savings required.
Value
Up to £250.00
Term
Up to 6 months.
Saving required
£1 per week or £5 per month.
At BDCU we believe in saving as you borrow so as part of your loan agreement we ask you to pay into your savings account. This means that after you have repaid your loan you will be in a stronger financial position having built up some savings.
– Phil Collier, Chairman of the Board