FAQ

Frequently Asked Questions

Here at the credit union we want to make it as easy as possible for you to access a loan.

The main requirement to apply for any loan is that you must save while paying back the loan.

Members must not be Bankrupt, entered into an IVA or DRO, and should meet the criteria to repay the loan.

If you are a member who has an existing loan with us and are suffering financial difficulties please contact us ASAP as we may be able to assist you through difficult periods.

Calderdale Credit Union is not a Charity or Government funded, we are a Mutual Non- Profit Organisation and as such it is important for members to maintain their loan repayments as otherwise this would affect the ability for the credit union to offer loans to other members.

Can anyone apply for a loan?

Interest is calculated on a daily basis. As your loan decreases, the interest decreases too. This is different to many lenders. Every penny you pay in interest goes back into the Credit Union, so you are helping to provide services to other members.

How do I apply for a loan?

You can now apply on-line using the link below.

What documentation will I need to provide?

You will need to provide three months most recent bank statements, three months wage slips or proof of benefit income (if applicable), Housing Benefit Notification and Council Tax Reduction Notification, (if applicable). Other documents may be required when your application reaches the assessment stage.

How is my loan assessed?

Our trained loan assessors will check to make sure that you can afford to repay the loan. A credit check will be carried out as part of the assessment.

How long will it take?

We aim to make approved loans available to members within 10 working days.

If your loan is refused or conditions are imposed, we will notify you in writing within 10 days.

Can I top up an existing loan?

Yes. You can apply for additional funds at any time, throughout the life of your loan.

What if I miss a repayment?

If your circumstances change and you are unable to keep up with your repayments, please contact us as soon as possible to enable us to discuss an alternative payment plan.