Loan Application Guidelines

Members must be 18 years of age or over, have been a member for a minimum of 12 weeks and have saved regularly before they can apply for a loan.

Proof of current income will be required from all members for every application i.e. last 3 payslips, notification of benefit on a bank statement or post office account within the last three months.

All applications for loans are interviewed by a loan officer, with appointments booked in advance.

The decision of the Credit Committee or Operations Manager on the granting of loans shall be final, providing it is in keeping with the board policy.Appeals can be made to the Board of Directors should the applicant feel they have not been given fair treatment.

1st Loan
• Member saving for 12 weeks(3 months)
• 2 x share value to a maximum of £1000
• Minimum repayment of 12 weeks to a maximum of 1 year
• No share loading allowed i.e. large sums out with regular payments 
• Proof of income and expenditure
• No 'top-ups' or 'revolving' credit till first loan cleared

2nd & Subsequent loans
• 50% of second + loans must be repaid before applying for a 'top-up'
• 3 x share value to a maximum of £10,000
• Arrears on account must be brought up to date
• Delinquent letters will affect your application

Delinquency letters
• If you have received your 2nd delinquency letter on your current loan then you will only be eligible to apply for 2 x shares capped at £5000, with no 'top-ups'.
• If you have received your 3rd delinquency letter on your current loan then you will only receive a secured loan, with no 'top-ups'. 
• If you have been refinanced your loan must be completely repaid before you can apply for another loan.
• If the RWCU has taken court action against you then you are only eligible for a secured loan and then 2 x shares.

Members cannot withdraw their shares below their outstanding loan balance.

Share Loading i.e. large sums over and above regular deposits or in excess of £100 must be in account for a minimum of 4 weeks.

All loan applications will be processed within a period of 7 days.

We may use a credit reference agency, and we use a debt recovery agency for defaulted loans and will take legal action and any charges incurred will be passed on to the member.

Members MUST save while repaying a loan. A minimum of £1 per week or £5 per month depending on the repayment plan.

Renfrewshire Wide Credit Union is authorised and regulated by the Financial Services Authority Firm Ref No. 446350