Apply For a Loan With Us

With collection points throughout Fife, borrowing money is simple and safe

We all need a little extra cash to get us by at times. Perhaps the washing machine or fridge-freezer has finally died after years of reliable use. Perhaps you are struggling to find the money to pay for the new school uniforms, or the car repairs are a little pricier than you had been hoping for.

North East Fife Credit Union gives you access to low-interest loans that you can pay back at a rate you can afford. Find out more about taking out a loan with us, below.

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FAQS

CAN ANYONE BORROW FROM THE CREDIT UNION?

No, only members can borrow from a credit union.

CAN I APPLY FOR A LOAN?
Yes, any member over the age of 18 can apply for a loan. However, the credit union normally expects you to have saved for some time before you look for a loan.
WILL I BE EXPECTED TO SAVE WHILE I AM REPAYING MY LOAN?
You will be encouraged to continue to save while you are repaying your loan.
HOW DO I APPLY FOR A LOAN?
You fill in the application form and then talk it through with a loans officer
CAN I BORROW FROM THE CREDIT UNION TO PAY OFF LOANS OWED TO OTHER PEOPLE?
Yes, this may be a sensible thing to do
WHAT KIND OF THING CAN I BORROW FOR?
By law the loan must be a provident or productive purpose. This could include: buying carpets, clothing or appliances, paying for Christmas, car servicing, paying bills, or education and training costs.

Remember that borrowing money may not be the best option in a particular case. Always check first whether there is a better way of achieving what you want, before you decide to borrow.

HOW MUCH CAN I BORROW?
This depends on a lot of things:

  • How many shares you have
  • Whether you have saved regularly with the credit union
  • Whether your loan will be secured or unsecured
  • What you want the money for
  • Whether you are able to repay the loan
  • Whether you have repaid a previous loan on time
    • WILL I HAVE TO COME IN FOR AN INTERVIEW?
    Yes, to help the credit union decide about the loan.
    HOW MUCH INTEREST WILL I HAVE TO PAY?
    The interest rate is one percent per month. This is annual percentage rate (APR) of 12.68%
    WHAT HAPPENS IF I FALL BEHIND WITH PAYMENTS ON A LOAN?
    Talk to a credit union worker about it. Decide together what to do. Remember that members rely on each other.

    INTERESTED IN TAKING OUT A LOAN WITH A CREDIT UNION?

    nefifecreditunion@btconnect.com or 01334 652 441