Standard 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 £7,500 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 £7,500

Standard loans last for a minimum of 6 months but can be spread over a maximum of 3 years.

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Family Loan and Saving Scheme

Borrow up to £500 and save with your Child Benefit

  •       •Open a Family Loan and Saving Account
  •       •Service the account with your weekly child benefit
  •       •Apply for a loan of up to £500


For a £500 loan

  •       Repay the loan at £11.50 per week over 1 year
  •       Total repayable:     £598.00     Interest 36.32% APR

After 1 year:

If you leave the weekly balance of your Child Benefit in your account:

  •       •You will have paid off the entire loan including interest
  •       •You will have £500 of savings in your account if you do not draw on it over the year.
  •       •You can draw on your savings when you need to.

What are the requirements?

  •       •Banker’s Card (if available)
  •       •Proof of rental address – Rent book / original letter from letting agent
  •       •NI number – Card or DHSS correspondence
  •       •Up to date passport or English Driving Licence or Birth Certificate
  •       •Up to date bank statement
  •       •Original Payslip (If employed) – no copies
  •       •Payments to be made only by direct debit through the DWP
  •       •Application with collection of copies of documents done on one day by appointment
  •       •Loan will be available on receipt of first child benefit payment
  •       •Proof of child’s age – Birth Certificate (Limit 17)

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North East Warrington CU




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