If you have been saving regularly with the Credit Union for 13 weeks you will be eligible to take out a loan. Our members can take out a loan for any productive purpose, whether that's to pay for a holiday, carry out home improvements, help out with Christmas or purchase a car.


How much can I borrow?

For your first loan you can borrow up to twice the amount you have in savings. The amount of subsequent loans are at the discretion of the loans committee and that will be heavily influenced by how well you paid back your previous loan. The most you can borrow at any one time is £7,500.

How much will I have to pay back?

Example, on a £1,000 loan paid over 52 weeks you will pay back £1,000 plus £67.66 interest. For comparison that's a very competitive 6.8% APR. This calculation assumes you will keep up your repayments. Use our loan calculator to get an idea on how much a loan will cost.

How do I pay the loan back?

In the office you can pay with cash, cheque or debit card or you can setup a regular standing order payment from another bank account.

Can I pay my loan back early?

Yes, the loans are flexible in that you can, if you wish, pay them off earlier than planned. As a result of paying your loan off sooner you will pay less interest!

Do I have to save while I am paying back a loan?

Yes, you must put at least £1 into savings with every loan payment you make.

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Newtownards Credit Union Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.