At Newarthill Credit Union, we are dedicated to helping you achieve your financial aspirations while providing stability and flexibility. We understand that life's needs can arise unexpectedly, and we're here to assist you, whether it's for home improvements, holidays, Christmas expenses, or car repairs. We offer lending with the assurance of fixed loan repayments, fixed terms, and fixed interest rates
How Much Can I Borrow?
Loan Amounts: Borrow from £50 up to £15,000 liability
Flexible Terms: Terms from 1 month to 60 months
Competitive Fixed Rates: 12.68% APR (1% per month on a reducing balance)
We believe in transparent lending with no hidden fees, ensuring you get the financial support you need without surprises.
Interest will be charged daily on the reducing unpaid balance of the loan.
Ready to take the next step? Apply today and secure a loan that works for you!
What is liability?
Liability is the difference between your share amount and loan amount. Think of it like this: You have a £2000 loan out. You have £500 in your shares Your net liability is £1500 – Total loan + Interest to date - Total shares
Attached Share
When you have a loan with us, your share balance is locked as security. This means: You cannot withdraw your shares unless your shares are higher than your loan balance For example:
You can withdraw You have £700 shares You owe £500 on your loan You can withdraw £200 (£700 - £500 + £200 left over)
You cannot withdraw You have £500 shares You owe £700 on your loan You can’t take any money out, because your share balance is less.
Will I leave a debt to my family?
Upon death of any member, the credit union makes an application to the Newarthill Death Benefit Fund. In most cases, the loan will be paid off in full in the event of your death; this is one of the unique features of credit union and is provided at no cost. Click here for more information about death benefit
We offer the following loans:
|
Taster Loan (1st) |
Small Loan (2nd) |
Progress Loan (3rd) |
Over 80 Loan |
Further Loan |
|
|---|---|---|---|---|---|
|
APR |
12.68% |
12.68% |
12.68% |
12.68% |
12.68% |
|
Min Loan |
£50 |
£50 |
£50 |
£50 |
£50 |
|
Max Liability |
£200 |
£500 |
£1000 |
£1000 |
£15,000 |
|
Min Term |
1 month |
1 month |
1 month |
1 month |
1 month |
|
Max Term |
12 months |
24 months |
24 months |
24 months |
60 months |