For Safe Savings and Affordable Loans
North East Warrington Credit Union's standard loans are savings based. You need to be a member and saving on a regular basis. Regular savings payments need to be made for a minimum of 10 out of 13 weeks. You can then borrow up to £200 or the amount in your savings plus £125, whichever is the larger. Once this has successfully been repaid you can borrow up to 3 times your savings up to a maximum of £10,000 with NEWCU Board approval.
Low interest rate on a reducing basis: 19.25% APR up to £2999, 16.04% APR for £3000 and over
Convenient weekly, fortnightly or monthly payments
Borrow up to £10,000 (over this figure with NEWCU Board approval)
No credit checks
Loan is not taken from your savings so your savings continue to receive interest
Standard loans last for a minimum of 6 months but can be spread over a maximum of 3 years.
Helping Hand (HH) Loans are small, short term loans whose repayments are spread over a period of 26 weeks or 6 months. HH Loans are by appointment only.
1st Loan - £200
2nd Loan - maximum £400 once the 1st loan has been fully paid back
3rd Loan - maximum £500 once the 2nd loan has been fully paid back
For example, for a £200 loan the total interest charge (41.67% APR) would typically be £22 to £25 depending on the payment schedule.
All the following are required for a Helping Hand loan:
Proof of rent address - Rent book or original letter from letting agent
NI number - Card or DHSS correspondence
Contract of employment
Up to date passport or English Driving License
Up to date original bank statement - no copies taken from the internet
Original Payslip - no copies
Working a minimum of 25 hours per week
Payments to be made only by direct debit through the bank
Application with collection of copies of documents done on one day by appointment
A cheque will be made available next day once documentation has been assessed and approved